Definitions [2]
Definition: Mean (or Average)
The term Mean (or Average) refers to a single, representative value that is used to summarize an entire set of data. Its main purpose is to locate the "center" or typical value within a data distribution.
Mathematically, an average is known as a Measure of Central Tendency.
Definition: Median
Median is the value of the middle-most observation(s). The median is a measure of central tendency which gives the value of the middle-most observation in the data.
Formulae [3]
Formula: Average
Mean (or Average) = `"Sum of all observations" / "Total number of observations"`
Formula: Odd Number of Observations
If the number of data points (n) is odd, the median is,
Median = `((n+1)/2)^(th)` term
Formula: Even Number of Observations
If n is even, the median is the average of the values at positions
Median = Average of `(n/2)^(th)` and `(n/2+1)^(th)` values
