Thread: Budget 2021
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Old 02-11-2021, 08:40   #8
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Re: Budget 2021

Quote:
Originally Posted by Hugh View Post
When they say "average", they mean "median", which is more representative.

https://surveymethods.com/when-is-it...ian-over-mean/

If you look at the ONS website, it shows this…

https://www.ons.gov.uk/employmentand...dearnings/2021
Median can also be a distortion if there is an extremely wide range between top and bottom.

In terms of using Excel, the TRIMMEAN method allows you to trim at the top and bottom based on a rationale, and then takes the MEAN of what's left.

I'm surprised at the surveymethods.com advice.


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