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The median, as the name suggests, is the middle value of a series arranged in any of the orders of magnitude i.e. ascending or descending order.
As distinct from the arithmetic mean which is calculated from the value of every item in the series, the median is what is called a positional average. The term 'position' refers to the place of a value in the series. The median is just the 50th percentile value below which 50% of the values in the sample fall. The object of median is, therefore, not merely to fix a value that shall be representative of a set, but also to establish a dividing line separating the higher from the lower values.
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Bill Clinton reportedly was paid $10 million to write his book My Way. The book took three years to write. In the time he spent writing, Clinton could have been paid to make speech
A salesperson visits from house to house to sell her knives. The probability that she makes a sale at a random house is .3. Given that she makes a sale, the sale is worth $100 with
This question has two parts with multiple items to answer. You are a psychologist who has collected the subjective well-being scores of a number of elderly people aged 90 or abo
Scatter Diagram The first step in correlation analysis is to visualize the relationship. For each unit of observation in correlation analysis there is a pair of numerical value
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A researcher was interested lowering the high school dropout level in his county. He measured the reading level of students entering middle school (based on a standard test) and th
Definition of Central Tendency The central tendency of a variable means a typical value around which other values tend to concentrate which can be measured. Such concentration
The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Th
practical application of standard error
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