Data, Inference, and Decisions
The median is the middle value of a dataset when it is arranged in ascending or descending order. It effectively divides a dataset into two equal halves, providing insight into the central tendency of the data, especially useful when dealing with skewed distributions or outliers. Understanding the median helps in characterizing different types of data, measuring central tendency and dispersion, visualizing data through various techniques, and applying rank-based methods in statistical tests.
congrats on reading the definition of Median. now let's actually learn it.