What is the median?

Median is the middle value of a data set that splits the data set into 2 equally sized groups. 

One half contains observations that are equal to or greater than the median, and the other half contains observations that are equal to or less than the median.

Example: Find the median of the data set {5, 2, 1, 4, 3}.

Solution: Arranging the observations in ascending order {1, 2, 3, 4, 5}

3 is the median as it is the middle value of this data set.