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The median, as the name suggests, is the middle value of a series arranged in any of the orders of magnitude i.e. ascending or descending order.
As distinct from the arithmetic mean which is calculated from the value of every item in the series, the median is what is called a positional average. The term 'position' refers to the place of a value in the series. The median is just the 50th percentile value below which 50% of the values in the sample fall. The object of median is, therefore, not merely to fix a value that shall be representative of a set, but also to establish a dividing line separating the higher from the lower values.
A salesperson visits from house to house to sell her knives. The probability that she makes a sale at a random house is .3. Given that she makes a sale, the sale is worth $100 with
Disadvantages For calculating median it is necessary to arrange the data; other averages do not need any arrangement. Since it is a positional average, its value is not d
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Sequential Sampling Under this method, a number of sample lots are drawn one after another from a universe depending on the results of the earlier samples. Such sampling is gen
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