Average vs. Median: Decoding the Data Differences!

Ever wondered why your salary doesn't quite match the 'average' salary you see reported? The culprit might be the difference between average and median! The average, or mean, is calculated by summing all values and dividing by the number of values. This can be easily skewed by outliers – a few very high or very low values pulling the average up or down.

The median, on the other hand, is the middle value when your data is sorted. It's the point where half the values are above and half are below. This makes the median much more robust to extreme values. Think of a few billionaires significantly inflating the average wealth in a city, while the median wealth remains a more realistic representation of what most people have.

So, which should you use? If your data is relatively evenly distributed, the average is fine. But if you suspect outliers are present, the median will give you a more accurate picture of the 'typical' value.