Median Value
A Median Value is an ordering value for a middle member in an ordered finite multiset.
- Context:
- It can (typically) be reported by a Median Function.
- It can range from being a Population Median to being a Sample Median.
- Example(s):
- a Median Household Income of $54,381.10 for the median household (of some household population)
- Median Worker Salary.
- …
- Counter-Example(s):
- See: Population Statistic, Sample Statistic.
2015
- (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/median Retrieved:2015-6-14.
- In statistics and probability theory, the 'median is the number separating the higher half of a data sample, a population, or a probability distribution, from the lower half. The median of a finite list of numbers can be found by arranging all the observations from lowest value to highest value and picking the middle one (e.g., the median of {3, 3, 5, 9, 11} is 5). If there is an even number of observations, then there is no single middle value; the median is then usually defined to be the mean of the two middle values
[1] (the median of {3, 5, 7, 9} is (5 + 7) / 2 = 6), which corresponds to interpreting the median as the fully trimmed mid-range. The median is of central importance in robust statistics, as it is the most resistant statistic, having a breakdown point of 50%: so long as no more than half the data is contaminated, the median will not give an arbitrarily large result. A median is only defined on ordered one-dimensional data, and is independent of any distance metric. A geometric median, on the other hand, is defined in any number of dimensions. In a sample of data, or a finite population, there may be no member of the sample whose value is identical to the median (in the case of an even sample size); if there is such a member, there may be more than one so that the median may not uniquely identify a sample member. Nonetheless, the value of the median is uniquely determined with the usual definition. A related concept, in which the outcome is forced to correspond to a member of the sample, is the medoid. At most, half the population have values strictly less than the median, and, at most, half have values strictly greater than the median. If each group contains less than half the population, then some of the population is exactly equal to the median. For example, if a < b < c, then the median of the list {a, b, c} is b, and, if a < b < c < d, then the median of the list {a, b, c, d} is the mean of b and c ; i.e., it is (b + c)/2.
The median can be used as a measure of location when a distribution is skewed, when end-values are not known, or when one requires reduced importance to be attached to outliers, e.g., because they may be measurement errors.
In terms of notation, some authors represent the median of a variable x either as [math]\displaystyle{ \tilde{x} }[/math] or as [math]\displaystyle{ \mu_{1/2}, }[/math] sometimes also M. There is no widely accepted standard notation for the median, so the use of these or other symbols for the median needs to be explicitly defined when they are introduced.
The median is the 2nd quartile, 5th decile, and 50th percentile.
- In statistics and probability theory, the 'median is the number separating the higher half of a data sample, a population, or a probability distribution, from the lower half. The median of a finite list of numbers can be found by arranging all the observations from lowest value to highest value and picking the middle one (e.g., the median of {3, 3, 5, 9, 11} is 5). If there is an even number of observations, then there is no single middle value; the median is then usually defined to be the mean of the two middle values
- ↑ http://www.stat.psu.edu/old_resources/ClassNotes/ljs_07/sld008.htm Simon, Laura J.; "Descriptive statistics", Statistical Education Resource Kit, Pennsylvania State Department of Statistics