what is the difference between median salary and average salary

Dear aspirant !

Hope you are doing well !

The difference between both of these salaries is very easy to understand and you will never forget . See . The median salary represents the middle value between all salaries considered, while the average divides the sum of all salaries by the number of salaries considered .

this is only the difference between the two .

hope it helps you !

thanking you

The median salary serves as the middle point when you organize all the salaries in ascending or descending order. It's the value that falls right in the middle, separating the higher and lower halves. In contrast, the average salary is calculated by summing up all the individual salaries and then dividing that total by the number of salaries considered. This provides a general representation of the typical amount, considering the collective earnings and distributing it evenly across all the salaries.

Hello aspirant,

I hope all is well with you. In response to your inquiry, the following instances can help to clarify the fundamental differences:

An average package for four students with packages of two lakhs, three lakhs, four lakhs, and three lakhs would be (2+3+4+3)/4=three lakhs. Thus, a typical package costs 3 lakhs.

Furthermore, the median package is approximately 6.5 lakhs if 10 students have packages totaling 6-7 lakhs, 3 students have packages totaling 12 lakhs, and 2 students have packages totaling 3 la khs.

Thank you

hope this information helps you.

Hii There,

The median salary represents the middle value between all salaries considered, while the average divides the sum of all salaries by the number of salaries considered.

Hope you are doing great as per the question asked by you the basic difference can be explained by the following examples:

If 4 students have packages like 2 lakhs, 3 lakhs, 4 lakhs, 3 lakhs so average package can be (2+3+4+3)/4=3 lakhs. So average pakage is 3 lakhs.

And in context of median package if 10 students have package of 6-7 lakhs 3 students have 12 lakhs and 2 students have package 3 lakhs so the median package is around 6.5 lakhs.

I hope this answers your question.

Thanks

Hey,

The average salary, also known as the mean salary, is a measure calculated by adding up all the salaries in a group and then dividing the total by the number of people in that group. It provides a general idea of the typical income in the group. However, the average can be influenced by very high or very low salaries, which might not accurately represent what most people earn.

The median salary is the middle value in a list of salaries when they are arranged in ascending or descending order. In simpler terms, if you line up everyone's salaries from the lowest to the highest, the median is the paycheck that falls right in the middle. Unlike the average salary, the median isn't affected by extremely high or low incomes in the group, making it a good measure to find the typical salary in a dataset.