Business statistics

Chapter 3. Descriptive Statistics: Numerical Measures

3.1. Measures of Location

Median

The median is another measure of central location. The median is the value in the middle when the data are arranged in ascending order (smallest value to largest value). With an odd number of observations, the median is the middle value. An even number of observations has no single middle value. In this case, we follow convention and define the median as the average of the values for the middle two observations. For convenience the definition of the median is restated as follows.