Using this information (combined with what we learned about company count)
3) Mean or Median?
One other critical decision we had to make was whether our “default” reporting metric would be a mean or median (e.g., of turnover). For those who haven’t had a statistics lesson in a while (or ever!), the mean is a typical average of all values, whereas the median represents the middle value (i.e., imagine putting all the values in order and plucking out the center one). This is an important distinction for a couple of reasons. Perhaps most importantly, the mean can be heavily influenced by outliers/extreme values (e.g., companies with very high turnover) because those values “pull” the average up.
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