Overview
The median is a measure of central tendency that identifies the middle point of a distribution. If there is an even number of observations, the median is the average of the two middle numbers.
Advantages
- Robustness: Unlike the mean, the median is not affected by outliers or skewed data. This makes it a better measure of 'typical' values for data like household income or real estate prices.
Use Cases
- Reporting median income to avoid the influence of billionaires.
- Analyzing wait times in a queue.