What is a Median?

The median is a statistical measure that represents the middle value of an ordered dataset, dividing it into two halves. If a dataset has an odd number of observations, the median is the central value; if the number is even, it's calculated as the average of the two middle values.

In business and data analysis, the median offers a reliable measure of central tendency that's less influenced by outliers or extreme values compared to the mean. This makes it particularly useful for understanding typical outcomes, such as median income, property prices, or consumer spending patterns, providing valuable insights for decision-making and forecasting.