By using interpolation

1. It is rigidly defined.

2. It is easy to calculate and understand.

3. It is not affected by extreme values like the arithmetic mean. For example, 5 persons have their incomes $2000, $2500, $2600, $3000, $5000. The median would be $2600 while the arithmetic mean would be $3020.

4. It can be found by mere inspection.

5. It is fully representative and can be computed easily.

6. It can be used for qualitative studies.

7. Even if the extreme values are unknown, median can be calculated if one knows the number of items.

8. It can be obtained graphically.

1. It may not be representative if the distribution is irregular and abnormal.

2. It is not capable of further algebraic treatment.

3. It is not based on all observations.

4. It is affected by sample fluctuations.

5. The arrangement of the data in the order of magnitude is absolutely necessary.

Index

4.1 Introduction
4.2 Arithmetic Mean
4.3 Properties of Arithmetic Mean
4.4 Median
4.5 Mode
4.6 Empirical relation between mean, median & mode

Chapter 5