I know it’s a common saying that statistics isn’t intuitive to humans. I’ve read my Taleb. *Intuitively*, I can see why one might need to find the mean (average) of a data set as well as the mode.
But where and why would someone need to find the Median? I’ve never calculated the median of a data set in daily life. On the other hand, I compute the mean of several values multiple times a week sometimes. I don’t calculate Modes that much, but I can see **why** someone would care about the most-occurring value.
Can someone explain the relevance of finding the Median? I’m sure there are plenty of useful applications and I’m just unaware of them.
Thanks in advance!
In: 4
Well imagine that you want to know the approximate net worth of a group of a 1000 people. 1 of them is billionaire with $1B and 999 of them are broke with 0$ net worth.
If you look at average congratulations you see that everyone is millionaire.
With median you know that these people are actually broke.
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