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Reviewed by Sep 14, 2021| Updated on
But for sets of numbers that are even in the number of observations, the middle two values are selected, added and divided by 2 aka. finding the mean of the middle two values.
Median is useful to determine the location parameter, especially when the highest or lowest value (called the outliers) cannot be trusted, mostly because those values can be errors, or more information or proof about their credibility are lacking.
Median is simple and very easy to calculate. It is also a credible contender to approximating the mean of a set of values, therefore lends itself to various measures of variability.
It is more descriptive and accurate than mean is, making it more statistically efficient.
It is a critical value of measure in calculating the central tendencies in a set of observations, since it has a breakdown point of 50%, depicting the best of both halves where the median divides the set.