Central Tendency

Arithmetic Mean

If guessing some value in a dataset, guessing the mean will minimizes the likely error

The sum of deviations from the mean is always 0

Sensitive to outliers

Median

Central value in a list of numbers sorted by magnitude

More robust central tendency parameter

Insensitive to outliers

Computationally intensive

Ergodic Theory

• Every member of the group is identical

• Every member of the group remains the same in the long run

• To finish first you first have to finish