what is the use of median in bussines
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The median is, IMHO, a better measure of the middle when there are extreme measures in the data set. Most government statistics use median rather than average. For example median home prices. For example 5 houses are sold for the following amounts: 25, 27, 27, 29, and 250
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The median is, IMHO, a better measure of the middle when there are extreme measures in the data set. Most government statistics use median rather than average. For example median home prices. For example 5 houses are sold for the following amounts: 25, 27, 27, 29, and 25
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