Median is one of the important descriptive statistic in data analysis. It is a measure of central tendency. Median is the middle number in the data set. For normally distributed data Median is equal to Mean.
Median Described..
Consider three numbers say 14, 17, 18. The median for these three numbers is 17. 50% of the values lies above median and 50% are below median.
Now add another number to the above data set say 21. Now the data set has four numbers and the median of 14, 17, 18 and 21 is 17.5. In case of odd numbers in data set, median is one of the values of data set Whereas, In case of even numbers data sets, median is not one of the value of data set.
Excel has inbuilt function MEDIAN() to determine the Median of numbers in data set.
"=MEDIAN(14,17,18)" = 17
"=MEDIAN(14,17,18,21)" = 17.5
In addition, QUARTILE() and PERCENTILE() can be used to determine the MEDIAN. 2nd quartile is nothing but Median and 50th Percentile is also equal to Median.
MEDIAN(14,17,18,21) = QUARTILE({14,17,18,21},2) = PERCENTILE({14,17,18,21},0.5) = 17.5
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