You should probably also take a look at the variance and standard deviation of those numbers as well. The variance is the standard deviation squared. The smaller the variance, the less the values vary from the average. The standard deviation measures the degree to which the values differ from the average of all the values. The smaller the standard deviation, the less the values vary from the average.

In your original example the number 10 price, $250,000, really skews the average. Statistically it would be considered an "special cause" or "out of control" point. If you take it out the average of the 9 remaining numbers more closely approximates the median, if I'm remembering the example correctly.



>Thanks all for the help.
>
>Right now we're not yet sure how we are going to use the median price.
>
>We are trying to develope some way to come up with a method to place a value on each of our broodmares, and are looking at a number of different factors.
>
>Initial cost of the mare,
>number of foals sold and price sold,
>average price per foal,
>median foal price,
>total earnings for foals raced,
>avergage earnings per foal,
>median earnings,
>etc., etc.
>
>If we can assign values to enough variables maybe we can end up with a profit ratio kind of number for each broodmare?
>
>This would then help us decide which mares to keep and which ones to cull.
>
>We have 415 mares and sell 300+ foals so we need to constantly upgrade our broodmare band to maintain our position in the sport.
>
>"Hanover Shoe Farms, Inc. - Greatest Name in Harness Racing"
>
>www.hanoverpa.com
>
>Thanks again for the help.
>
>Jim
>
>
>
>
>
>>James
>>
>>Just curious... how do you use the median price in the world of horse sales, of which I know nothing?
>>
>>Regards
>>
>>JR