Often while calculating statistics, Mean and Median are considered for summarizing the data.
But we may wonder what circumstances we should use Mean, and what situations we should use Median. This blog post tries to point out some of the scenarios
Mean: Mean can be used when there are not many extreme values in the dataset. In most general situations mean can be used. Examples are given below
- Average Height of person in the country or world
- Average lifespan of people in the country
Median: Median can be used when extreme values impact the mean. Examples are given below
- Median salary of a profession in the company
- Median value of home in a state
- Median retirement savings by age bracket such as 20-30, 30-40 etc.
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