What does the term ‘median’ refer to in statistics?

The term ‘median’ in statistics specifically refers to the middle value in a set of numbers when they are arranged in ascending or descending order. To find the median, you organize the data points from the smallest to the largest and identify the number that is positioned in the center. If there is an even number of values, the median is computed by taking the average of the two middle numbers. This characteristic makes the median a crucial measure of central tendency, especially in datasets that include outliers or are skewed, as it is less affected by extreme values than the average (mean).

In contrast to other options, the average of all values refers to the mean, which can be skewed by very high or low values. The smallest and largest numbers in a set represent the minimum and maximum, respectively, which do not provide information about the center of the dataset. Therefore, the definition of median as the middle value is what makes it a distinct and important concept in statistics.