Login

Create Account
Customer Service Chat
+14156709189
info@expertsmind.com
Submit Homework/Assignment
Get quote & make Payment
Get Solution
Advantages of median, Applied Statistics
Advantages
It is especially useful in case of openend classes since only the position and not the values of items must be known. The median is also recommended if the distribution has unequal classes, since it is easier to compute than the mean.
It is not influenced by the magnitude of extreme deviations from it. For example, the median of 10, 20, 30, 40 and 150 would be 30 whereas the mean is 50. Hence very often when extreme values are present in a set of observations, the median is a more satisfactory measure of the central tendency than the mean.
In markedly skewed distributions such as income distributions or price distributions where the arithmetic mean would be distorted by extreme values, the median is especially useful. Consequently, the median income for some purposes can be regarded as a more representative figure, for half the income earners must be receiving at least the median income.
It is the most appropriate average in dealing with qualitative data, i.e. where ranks are given or there are other types of items that are not counted or measured, but are scored.
The value of median can be determined graphically, whereas the value of mean cannot be graphically ascertained.
Perhaps the greatest advantage of median is, however, the fact that the median actually does indicate what many people incorrectly believe the arithmetic mean indicates. The median indicates the value of the middle item in the distribution. This is a clearcut meaning and makes the median a measure that can be easily explained.
Posted Date: 9/14/2012 2:07:47 AM  Location : United States
Ask an Expert
Related Discussions:
Advantages of median, Assignment Help, Ask Question on Advantages of median, Get Answer, Expert's Help, Advantages of median Discussions
Write discussion on Advantages of median
Your posts are moderated
Write your message here..
Related Questions
Cartogram or mapograph, Cartogram or Mapograph: Statistical maps are a...
Cartogram or Mapograph: Statistical maps are also used to represent data like density of population indifferent states in the country or different countries in the world or th
Types of business forecasting , Types of business forecasting are genera...
Types of business forecasting are generally as follows: 1. Sales and Demand forecasts 2. Porduction forecasts. 3. Cost Forecasts 4. Financi
Flow chart for confidence interval, Flow Chart for Confidence Interval ...
Flow Chart for Confidence Interval We can now prepare a flow chart for estimating a confidence interval for μ, the population parameter. Figure
Box plot of income, The box plot displays the diversity of data for the inc...
The box plot displays the diversity of data for the income; the data ranges from 20 being the minimum value and 1110 being the maximum value. The box plot is positively skewed at 4
Evaluate the p  value, Use the given information to find the Pvalue. T...
Use the given information to find the Pvalue. The test statistic in a twotailed test is z = 1.49 Pvalue = (round to four decimal places as needed)
Geometric mean, Geometric Mean The geometric mean of numbers is defin...
Geometric Mean The geometric mean of numbers is defined as the th root of the product of numbers .It is obtained by multiplying all the values of a variable and then extracti
Confidence interval, for this proportion, use the +2 rule of thumb to dete...
for this proportion, use the +2 rule of thumb to determine the 95 percent confidence interval. when asked if they are satisfied with their financial situation, .29 said "very sat
Penmanmonteith method, (a) Average rainfall during the month of January...
(a) Average rainfall during the month of January is found to be 58 mm. A Class A pan evaporation recorded an average of 8.12 mm/day near an irrigation reservoir. The average
Time series analysis., how is a free hand graph secular trend method plotte...
how is a free hand graph secular trend method plotted
Test for equality of proportions, Test for Equality of Proportions For...
Test for Equality of Proportions For example, we may want to test whether the percentage of smokers (p 1 ) among the males equals the percentage of female smokers (p 2 ). W
Assignment Help
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
ExpertsMind Services
Online Tutoring
Projects Assistance
Exam Preparation
Coursework Help
Programming Help
IT Services
Why Us ?
~Experienced Tutors
~24x7 hrs Support
~Plagiarism Free
~Quality of Work
~Time on Delivery
~Privacy of Work