The Median is the middle value of an ordered dataset. It divides the dataset into two equal halves and is less affected by extreme values compared to the mean. It is especially useful in skewed distributions.
\[ x_{\text{median}} = \begin{cases} x_{k+1}, & \text{if } n = 2k + 1 \quad \text{(odd number of values)} \\ \frac{x_k + x_{k+1}}{2}, & \text{if } n = 2k \quad \text{(even number of values)} \end{cases} \]