![]() You can learn some more about the various statistics formulas and become well acquainted with the topic. Thus, we can definitely say that the median most properly summaries the set, better than the mean. For example, the mean of the above set is 10010/5=2002 and the median is 3. Outliers can make mean values deeply flawed. For example, if a set consists of values: 1, 2, 3, 4, 10000, then the value 10000 is an outlier. An outlier is nothing but a very huge aberration in the values specified in the set. Median can prove to be a very useful property in case of any outliers in the dataset. To find the median of a set, all one needs to do is to write the elements of the set in increasing order and find the number of elements then finally find the median. ![]() ![]() The median may be used to separate a set of data into two parts. So, if a set consists of odd number of sets, then the middle value is the median of the set, and if the set consists of an even number of sets, then the median is the average of the two middle values. Simply put: Median is the middle value of a set. By comparing the two means, we may make an assumption as to which county is more prosperous than the other. The best solution would be to find the average household incomes of the two counties and then compare them with each other. To compare the household incomes between the two counties you cannot compare each and every household income of one county to the other. For example, you may want to compare the average household income of County 1 to County 2. The importance of mean lies in its ability to summarize the whole dataset with a single value. Mean = Sum of all the set elements / Number of elements You can get a fairly good idea about the whole set of data by calculating its mean. Mean could be treated as a collaborative property of the whole set of values. Mean or average, in theory, is the sum of all the elements of a set divided by the number of elements in the set. The basic concepts of mean, median, mode, variance and standard deviation are the stepping stones to almost all statistical calculations. In this article we will explore some of the basic concepts of statistical analysis that form the basis of all complex statistics problems. In such cases, a random sample of population is selected as a representative to the whole population and statistical calculations are carried according to it. Now if a country has 1000 citizens then it may keep a full database of all its inhabitants and the statistical calculations may be easy, but when the number is in billions, the gathering of complete data may become a little tedious or in many ways impossible. Statistics has many practical uses in researches also, as you can learn on our course on this topic. Depending upon the number of impoverished children, the government may come up with a new policy that will help the government in dealing with the malnutrition problem. For example, a government may want to know the average number of children below the age of 12 that are malnourished in the country, in the same way an organization may want to know the average number of employees working that have stress disorders. Statistical methods are used by various organizations and governments to calculate a collaborative property about employees or people such properties then influence the decisions taken by the organizations and governments. Statistics deals with the analysis of data statistical methods are developed to analyze large volumes of data and their properties.
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