You may hear about the median salary for a country or city. When the average income for a country is discussed, the median is most often used because it represents the middle of a group. Mean allows very high or very low numbers to sway the outcome but the median is an excellent measure of the centre of a group of data. To learn more about Statistics, enrol in our full course now: bit.ly/StatisticsDM To watch more videos related to Graphs And Statistics, click here: bit.ly/GraphsAndStatistics_DMYT
I've been trying to understand this for so long but everybody always explains it technically rather than practically. Your video helped me understand the first time I watched it! The mean may be mathematically correct, but not truly representative of the values within the data set.
It makes far more sense in terms of capital. Just imagine the mean and median of all the salaries earned per person per month. It is easy to see that the few people earning millions will offset the salaries to much higher values. In Germany, I remember seeing the mean at 2.8k netto while the median is more close to 2k. That is a 40% difference, which is quite significant if you ask me. But its great it helped you, I have always had the problem, that if I don't find a real life application, I end up not being able to use these mathematical concepts later on.
So true. When I am looking at wealth report, I always look at median and the Gini Coefficent (since I am interested in how things are distributed not if they are shared equally) first then I look at the mean since the mean is 'this is what you would see if everything is shared equally . Say the mean of two fictitious countries , A and B with a population of 7 adults is 50,000, but while country A distribution is 50 k , 50 k , 50 k, 50 k , 50 k , 50 k 50 k , country B is 0 , 0 , 0, 0, 100 k, , 100 k 150 k . Here both countries have the same mean 50,000 (350/7 and 350/7), but while country A median is 50,000 country B median is just 0 dollar. Here this tells me that half of country B population have less than zero in wealth indicating that wealth are NOT distributed the same as in country A . but one only knows this is case after looking at the mean and see the large difference between it and the median as in one case the difference is 50,000 (50k - 0)and in the other it is zero (50-50) meaning that in country A wealth is evenly distributed among the 7 adults while in country B less than half adults have all the wealth. So if you look at total wealth for both countries you will see 350 billions, but does NOT tell you how that it is distributed until you start to observe the median. The mean is like everyone in a room getting the same slice of cake or everyone (including billionaires, millionaires, upper class income, etc) don't stop spreading their wealth until everyone has the same wealth, so it doesn't really tell how things are distributed just 'what if they were' such as five friends having a total of 100 dollars in the pocket and they don't stop distributing until each has 20 dollars, so the friend who started with 50 dollars he ended up with 20 dollars and the one with 0 dollar he ended with 20 dollar until they all have 20 dollar each and that is the mean.
Woooow what a good and valuable video it is !!! Thanks for teaching The video was more better than 40 min maths class and that math class is very boring but after seeing this video l think 🤔 this video is much better than 40 min maths class ... Yes who really agree with me ???
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Thank you so much Sunny for your appreciation. We are glad that you understood the concept. We are happy that we could help you learn. You really motivate us. 😊😊
You have explained very nice but still I have not understood the concept of median so is there any others vedio from which I can learn more something about that please!!
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3:10 or you could define 85 as an outlying value and take the mean of the 4 people left and come up with an average of 7,5 years, which is more accurate in my opinion.
