Business statistics


Chapter 3. Descriptive Statistics: Numerical Measures



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Chapter 3. Business Statisitics (2)

Chapter 3. Descriptive Statistics: Numerical Measures

3.1. Measures of Location

Median

Let us apply this definition to compute the median class size for the sample of five college classes. Arranging the data in ascending order provides the following list.

Because n = 5 is odd, the median is the middle value. Thus the median class size is 46 students. Even though this data set contains two observations with values of 46, each observation is treated separately when we arrange the data in ascending order. Suppose we also compute the median starting salary for the 12 business college graduates in Table 3.1. We first arrange the data in ascending order.


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