Mean and Median

Post date: Sep 25, 2017 5:34:3 PM

A spreadsheet demonstrating that the mean and median are the values least far from all others in a variable, where "least far" can take one of two meanings. 

• • Smallest sum of absolute differences. This is the median.

  • Smallest sum of squared differences. This is the mean. 

This is why we use mean and median to represent a whole distribution of values: they are the values most close to all values. 

Important: to use this spreadsheet you must have the Solver add-in installed. Google it!