The median

Merits

i.  This shows the centre of a described set of data

ii.  Knowledge of the determination of the median may be extended to find out the quartiles

iii.  The median can simply be defined

iv. This can be acquired simply from the cumulative frequency curve

v.  This can be used in determining the degrees of skew ness

Demerits

i.  In some conditions where the number of observations is even, the value of the median obtained is generally imaginary

ii. The computation of the median by using the formulas is not well understood by most businessmen

iii. In business environment the median has obtained very few applications