#quantitative-methods-basic-concepts #statistics
If there are an odd number of observations in the data set, the median is the middle observation (n + 1)/2 of the data set.
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Open itTo determine the median, arrange the data from highest to lowest (or lowest to highest) and find the middle observation. If there are an odd number of observations in the data set, the median is the middle observation (n + 1)/2 of the data set. If the number of observations is even, there is no single middle observation (there are two, actually). To find the median, take the arithmetic mean of the two middle observations.
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Subject 4. Measures of Center Tendency we calculated the mean without weights, we'd get: (6 + 6.2 + 7.5) / 3 = $6.57. The fact that we've given more importance to the most recent (higher) share price inflates the weighted mean relative to the un-weighted mean.
<span>Median
In English, the word "mediate" means to go between or to stand in the middle of two groups, in order to act as a referee, so to speak. The median does the same thing; it is the value that stands in the middle of the data set, and divides it into two equal halves, with an equal number of data values in each half.
To determine the median, arrange the data from highest to lowest (or lowest to highest) and find the middle observation. If there are an odd number of observations in the data set, the median is the middle observation (n + 1)/2 of the data set. If the number of observations is even, there is no single middle observation (there are two, actually). To find the median, take the arithmetic mean of the two middle observations.
The median is less sensitive to extreme scores than the mean. This makes it a better measure than the mean for highly skewed distributions. Looking at median income is usually more informative than looking at mean income, for example. The sum of the absolute deviations of each number from the median is lower than the sum of absolute deviations from any other number.
Note that whenever you calculate a median, it is imperative that you place the data in order first. It does not matter whether you order the data from smallest to largest or from largest to smallest, but it does matter that you order the data.
Mode
Mode means fashion. The mode is the "most fashionable" number in a data set; it is the most frequently occurring score in a distribution and is used asSummary
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