Measures of Location and Dispersion
The median is one of a number of ways of summarising the typical values associated with members of a statistical population; thus, it is a possible location parameter.
When the median is used as a location parameter in descriptive statistics, there are several choices for a measure of variability: the range, the interquartile range, the mean absolute deviation, and the median absolute deviation. Since the median is the same as the second quartile, its calculation is illustrated in the article on quartiles.
For practical purposes, different measures of location and dispersion are often compared on the basis of how well the corresponding population values can be estimated from a sample of data. The median, estimated using the sample median, has good properties in this regard. While it is not usually optimal if a given population distribution is assumed, its properties are always reasonably good. For example, a comparison of the efficiency of candidate estimators shows that the sample mean is more statistically efficient than the sample median when data are uncontaminated by data from heavy-tailed distributions or from mixtures of distributions, but less efficient otherwise, and that the efficiency of the sample median is higher than that for a wide range of distributions.
Read more about this topic: Median
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