The standard error is used for projects where you study a population sample. When there is an even number of values, the median is the average (mean) of the two middle points. When there is an odd number of values, the median is the value exactly in the middle. It is the midpoint value of the data set half the values are above it and half below. The median is another value in the middle.
It represents a value in the middle of the population. It is the sum of all the data points divided by the number of data points. The mean is the measure we are most used to when we hear the word “average”.
Each is useful for different types of data and distributions. They answer the question, how does the data group together? There are three averages: mean, median and mode. AveragesĪverages are measures of central tendency. The maximum is the highest value and the minimum is the lowest. The count is how many data points there are.
The sum is the result of adding up all the numbers in the data set. The results show how many data points there are and where they start and stop. The first set of results describes the characteristics of the data set. Used with permission from Microsoft Corporation. Excel Descriptive Statistics output © Microsoft Corporation.
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