Question

What is the importance of Median?

Answer 1

Hint: The above questions asks about the importance of median. Median is a concept related to finding the average statistical value of for frequency. In order to learn about the importance of median, we will at first learn about the meaning of median and then its formula and importance.

Complete step by step solution:
Let us about the meaning of Median,
The median is the value dividing the upper half from the lower half of a data set, a population, or a probability distribution in statistics and probability theory. It can be thought of as "the middle" value for a data set. In probability theory and statistics, the median is the value separating the upper half from the lower half of a data set, a population, or a probability distribution. For a set of data, it can be thought of as "the middle" value.
The median is a distribution's middle score. To calculate the median,
Arrange in numerical order your numbers. Count how many figures you've got. If you have an odd number, divide it by 2 and round it up to the position of the median number.
Divide it by 2 if you have an even number. To obtain the median, go to the number in that position and average it with the number in the next higher position.
For example, if there are eight observations,
 the median \[\dfrac{{8 + 1}}{2}\] position,
which is,
\[\dfrac{{8 + 1}}{2} = 4.5\] Median, can be calculated by adding 4th and 5th terms to that group, which is then divided by 2.
In a numerical data set, the median is the point at which there is an equal number of data points whose values are above and below the median value. Thus, the median is actually the middle of the data set. Hence, the importance.

Note: Median is the middle number in the sorted number list. To determine the median value in the series of numbers, the numbers must first be sorted or arranged in the order value from the lowest to the highest or the other way around. The median may be used to determine the approximate average, or the mean, but is not to be confused with the actual mean.