When it comes to determining the central tendency of a dataset, three main metrics are used: mean, mode, and median. All of these are essential concepts in statistics, but today we will focus on just the third one: median. While others are also used practically in many situations to find the middle value, we will see what role is played by the median in real life.
In this article, we will walk you through some scenarios in which you can use the median to solve different types of problems. Also, we will discuss that you can easily calculate the median with less effort but without compromising on accuracy. However, before coming to that section, let’s start by looking at the basics of the median. So, read to get started? Let’s dive in.
What Is Median?
Median refers to a point that distinguishes the higher half of a dataset from its lower half. In simple words, it is the number in either an ascendingly or descendingly ordered dataset that divides the set in two equal halves. In mathematics or statistics, it can be represented in different ways, such as Med(X), M, and Md. The main thing it depends on is the total number of values in a set.
If the dataset has an odd number of values, the median will be the middle value. On the other hand, if the values in a dataset are even, then the median will be equal to the sum of the middle two values divided by two. In the case of even values, you can also say median as the average of the central two numbers, but the condition is that the dataset must be ordered.
Real-Life Situations When You Can Use Median
As mentioned earlier, the median is a concept that comes to help you in many daily life situations. Here are some scenarios in which you can use it:
Evaluation Of Test Scores Of A Class
If you are a teacher and have recently finished checking students’ exam papers, median can help you whether your class performed well or not. By finding the central tendency of overall scores of all learners, you can have a balanced view of performance. When you arrange the varying scores in ascending or descending orders and calculate their median, it gives the most probable idea of what most students achieved. As a result, it becomes easy for you to plan what extent of effort you further need to make to improve the class performance.
Analysis of Survey Data
Another situation in which the median can be used is the analysis of surveys that revolve around collecting responses in the form of numbers. For example, let’s suppose that you conduct a customer satisfaction survey where people are required to rate the services from 1 to 10. In this scenario, not everyone gives extreme responses such as 1 or 10, so the median will give a central tendency unaffected by these outliers. In other words, the middle value of all the responses will reflect the typical or general ratings given by people.
Assessment Of Real Estate Prices
In real estate, the property prices of an area vary widely based on size, location, and many other factors. Here, if you use the mean to know the central tendency of the market, your analysis will be affected by the highest prices of luxury homes and the lowest price of any random property. On the other hand, the median tells you the midpoint of all prices, which provides you with a more realistic image of overall prices. This can aid you in buying properties as per your budget.
Review Of Sports Performance
If you want to perform an analysis of the typical performance of a player, the median can greatly help you. Unlike the mean, in which the results are influenced by extreme scores, the median provides an output that is close to reality. For example, if a batsman scores 35, 40, 43, and 100 runs in four matches, the mean suggests the central tendency of 54.5 runs. Conversely, the median shows a central tendency of 41.5 runs, which is closer to the typical output of the player.
Easy Way To Calculate Median
When you deal with small datasets that have a handleable quantity of values, the calculation of the median is often done manually. However, the complication arises when you have to handle datasets that contain a large number of values, making it hard to find the median manually. Such calculations often lead to wrong answers, which can be disturbing.
But fortunately, you can avoid inaccuracies in calculating the median of large datasets by using a median calculator. No matter how many values are in your dataset, you just have to copy and paste the values from your document to the calculator. As you do so, the tool uses advanced algorithms and immediately spots the median and shows it on your screen. This not only saves you from mistakes but also speeds up your calculations.
To Sum Up
After going through this article, we hope that it is clear to you in which real life situations you can use median. Also, we expect that you have learned how to easily find the median of a dataset that contains a large quantity of values.
