Mean and Median are two terms that are used in mathematics. Mean and median is part of statistics that are used in many industries to analyze, interpret and present empirical data. The mean is the average of the given values while when we find the Median we get the center of the set of data.
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Indeed, The Median divides the dataset equally. It separates the data set which give us the same number of terms above and below the median.
Main Difference’s Between Mean and Median
- Mean is the average of a data set while the median is the middle of the data set.
- The formula for mean is, m = sum of terms/number of terms. The formula for the median is (n+1)/2, term for an odd data set and [n/2 term + (n/2 +1) term ] / 2 , for even data set.
- By the mean formula, we directly found the value which will be our answer, while in the median formula we found which term will be our median. That value of that particular number of a term will be the median.
- Mean is affected by skewed data while Median doesn’t get affected much and therefore median provides a typical representative value and is more preferred.
- Mean and median are both measures to find the central tendency however median is preferred more than the mean to find accurate data.
Conclusion
Mean and median are mathematical terms used in statistics to measure central tendency in a data set. Mean is the average of a dataset while on the other hand median is the middle of the data set. The median is the term that is the exact center of the data, which separates the higher half from the lower half of a dataset.
They are mostly used by insurance analysts in the healthcare industry. Mean and median both are important terms in statistics however median is said to give a more typical value. Median is more eccentric to find the center of a group of data as it describes the data.
References
- https://link.springer.com/article/10.1186/1471-2288-5-13
- https://link.springer.com/article/10.1007/s10649-006-7099-8