Median: 

Median can be defined as the middle most or central value of the variables in a set of observations, when observations are arranged in ascending or in descending order of their magnitudes. It bisects the arranged series in 2. Median is a position average, whereas, the arithmetic mean is computed average. When the series consists of an even number of terms, median is arithmetic mean of the 2 central items. It can be generally denoted by M.

Case I: When n is odd. 

            In this case th value is the median i.e. M= th term.

Case II: When n is even.

            In this case there are 2 middle terms n/2th and th. The median is average of those two terms, that is th term

Case III: When the series is continuous.

In this case data can be given in the form of a frequency table with the class-interval, etc., and the following formula is used to compute Median.

          , where

            L = lower limit of the class in which median lies

            n = total number of frequencies, that is, n = ∑f.

            f = frequency of the class in which median lies

            C = cumulative frequency of class preceding median class

            i = width of class interval of the class in which median lies.

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