Statistics and Probability Dictionary Select a term from the
dropdown text box. The online statistics glossary will display a
definition, plus links to other related web pages. The median is
a simple measure of central tendency. To find the median, we
arrange the observations in order from smallest to largest
value. If there is an odd number of observations, the median is
the middle value. If there is an even number of observations,
the median is the average of the two middle Thus, in a sample of
four families, we might want to compute the median annual
income. Suppose the incomes are $30,000 for the first family;
$50,000, for the second; $90,000, for the third; and $110,000,
for the fourth. The two middle values are $50,000 and $90,000.
Therefore, the median annual income is ($50,000 + $90,000)/2 or
$70,000.