Correct Answer - Option 2 : Median
Measures of central tendency provide us with a summary that describes some central or middle point of the data. There are five important measures of central tendency, viz., i) arithmetic mean, ii) median, iii) mode, iv) geometric mean, and v) harmonic mean. Out of these the last two measures, viz., geometric mean and harmonic mean, have very specific uses and thus less frequently used.
Median is that positional value of the variable which divides the distribution into two equal parts, one part comprises all values greater than or equal to the median value and the other comprises all values less than or equal to it.
- The median is the “middle” element when the data set is arranged in order of magnitude.
- Since the median is determined by the position of different values, it remains unaffected if, say, the size of the largest value increases.
- When you have a skewed distribution (the data points cluster more toward one side of the scale than the other, as a result, the curve is not symmetrical), the median is a better measure of central tendency than the mean.
- The median can be easily computed by sorting the data from smallest to largest and finding out the middle value.
- Using the formula, 2Mean = 3Median - Mode, median can help in the calculation of other statistical values.
Hence, the above statement is about the median.