Customer Service Chat
Get quote & make Payment
Advantages of median, Applied Statistics
It is especially useful in case of open-end 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 clear-cut 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
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..
Cluster analysis, These techniques are applied when the rows and the column...
These techniques are applied when the rows and the columns of the data table represent the same units and when the measure is a disiance or a similarity. The goal of the analysis i
Mean and median, The amounts of money won by the top ten finishers in a fam...
The amounts of money won by the top ten finishers in a famous car race are listed below. $1,172,246 $163,659 $440,584 $350,634 $290,596 $186,731 $145,809 $143,2
Standard deviation , Standard Deviation The concept of standard deviat...
Standard Deviation The concept of standard deviation was first introduced by Karl Pearson in 1893. The standard deviation is the most important and the popular measure of disp
Two sample hypothesis testing, need help finding the n1 and s1 in the probl...
need help finding the n1 and s1 in the problem
Classification of universe, Classification of Universe The universe may...
Classification of Universe The universe may be classified either on the basis of number of units and on the basis of existence of units as is clear from the following chart :
Questionnaire, Framing of Questionnaire: Questionnaire is a schedule of...
Framing of Questionnaire: Questionnaire is a schedule of questions which is sent to the respondents for filling in by them in their own handwriting together the information rel
Redundancy analysis, In reduced rank regression (RRR), the dependent var...
In reduced rank regression (RRR), the dependent variables are first submitted to a PCA and the scores of the units are then used as dependent variables in a series of
Which average is to be used to describe statistical data?, There ar...
There are situations where none of the three averages is fully satisfactory. For example, if the number of items in a series is very small, none of these av
Stat, solve problems
Statistical definition of probability, Statistical Definition of probabilit...
Statistical Definition of probability: Ques: (a) (i) Distinguish Statistical Definition of probability from the Classical Definition. (ii) State the A
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
Why Us ?
~24x7 hrs Support
~Quality of Work
~Time on Delivery
~Privacy of Work
Human Resource Management
Literature Review Writing Help
Follow Us |
T & C
Copyright by ExpertsMind IT Educational Pvt. Ltd.