Median - Measures of Central Tendency, Business Mathematics & Statistics

Median - Measures of Central Tendency, Business Mathematics & Statistics Video Lecture - Business Mathematics and Statistics - B Com

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FAQs on Median - Measures of Central Tendency, Business Mathematics & Statistics Video Lecture - Business Mathematics and Statistics - B Com

 1. What is the median and how is it calculated?
Ans. The median is a measure of central tendency that represents the middle value of a dataset when it is arranged in ascending or descending order. To calculate the median, the dataset is first arranged in order, and then the middle value is identified. If the dataset has an odd number of values, the middle value is the median. If the dataset has an even number of values, the median is the average of the two middle values.
 2. How is the median different from the mean?
Ans. The median and mean are both measures of central tendency, but they differ in how they represent the center of a dataset. The median represents the middle value, while the mean represents the average value. The median is less affected by extreme values or outliers in the dataset, making it a better measure of central tendency when the data is skewed or has extreme values. On the other hand, the mean takes into account all values in the dataset and can be influenced by extreme values.
 3. When should I use the median instead of the mean?
Ans. It is advisable to use the median instead of the mean when the dataset has extreme values or is skewed. Skewed data means that the distribution is asymmetrical, with the majority of the values clustering towards one end. In such cases, the mean can be greatly influenced by the extreme values, leading to a distorted representation of the central tendency. By using the median, which is not affected by extreme values, a more accurate measure of central tendency can be obtained.
 4. Can the median be calculated for categorical data?
Ans. No, the median cannot be calculated for categorical data as it relies on the concept of order or ranking. The median requires the data to be arranged in ascending or descending order, which is not possible for categorical variables. The median is applicable only for numerical data where the values have a natural order or can be ranked.
 5. Is the median affected by the sample size?
Ans. No, the median is not affected by the sample size. Unlike the mean, which takes into account all values in the dataset, the median only considers the middle value(s). Therefore, adding or removing values from the dataset does not change the position of the middle value(s) and hence does not affect the median. This property makes the median a robust measure of central tendency, particularly in situations where the sample size may vary.

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