What are some real-world applications of the median in data analysis?

What are some real-world applications of the median in data analysis?

The median is often used in statistics to represent the central tendency of a dataset, especially when there are outliers. For example, in income data, the median income provides a better representation of the typical income than the average.

Can you give me more examples of where the median is useful?

Sure! In healthcare, the median is used to report survival rates. In education, it helps in analyzing test scores to understand student performance.

How does the median compare to the mean?

The mean is the average of all values, while the median is the middle value when data is sorted. The median is less affected by outliers, making it a better measure in skewed distributions.

Are there any fields where the median is preferred over the mean?

Yes, fields like real estate often use the median home price to avoid skewing from extremely high or low property values.