We can either define median as the middlemost number in the set or the number that is halfway into the set.
When the mean and the median are the same, the data set is more or less evenly distributed from the lowest to highest values.
Formula to calculate median in excel.
Just like variance and standard deviation, we can find the function to find median in excel.
The function is =MEDIAN(X1:Xn)
Suppose you are given a random data set and asked to find the median using excel.
2, 3, 4, 5, 7, 8, 8, 6,
We begin by transferring the data set to an excel spreadsheet.
Then we type the function below the data’s column and when we press enter, we will get our median.
Therefore, your data’s median is 5.5.