Median, Advanced Statistics

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Median is the value in a set of the ranked observations which divides the data into two parts of equal size.

When there are an odd number of observations the median is middle value. When there is an even number of the observations the measure is calculated as the average of two central values. It provides a measure of the location of a sample which is suitable for asymmetric distributions and is also relatively insensitive to presence of outliers. 

 


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