The median is a statistical measure of the exact middle of a set of ranked data. When a study is performed to collect information, the sets of information are sorted into categories and lists. The list of data is arranged in ascending order. The middle value is considered to be important for analytical purposes. When compared to the average of the data, a large discrepancy indicates a wide range of information or a potential problem with outliers that are skewing the results. The median is often considered to be a more useful figure than the average value, and it can be used to evaluate wages, productivity, and costs.
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