The median
Merits
i. This shows the centre of a described set of data
ii. Knowledge of the determination of the median may be extended to find out the quartiles
iii. The median can simply be defined
iv. This can be acquired simply from the cumulative frequency curve
v. This can be used in determining the degrees of skew ness
Demerits
i. In some conditions where the number of observations is even, the value of the median obtained is generally imaginary
ii. The computation of the median by using the formulas is not well understood by most businessmen
iii. In business environment the median has obtained very few applications