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What is use of median in real life ? How is median actually helpful in acessing the change in data or in getting an overall idea about the data ?

What is use of median in real life ? How is median actually helpful in acessing the change in data or in getting an overall idea about the data ?

Grade:10

1 Answers

Arun
25763 Points
3 years ago
Medians are better central tendency descriptors than Means when data distributions are asymmetrical or where there are extreme values such as household income or house prices.For instance, if you use the Mean as a measure of the “typical household income” it would overestimate this because there are a lot of people that earn minimum wage but just a few billionaires and the mean is very sensible to extreme values. The median income would give a better measurement since half the people would earn less than the median income and half would earn more.In the same manner, if you use the Mean as a measure of the “typical house value” it would give a wrong idea about this since there are many small and medium size houses but only comparatively few mansions and big estates.The median house price would tell us the price point where half the houses would cost less than that and half would cost more.

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