Median is the middle value of a data set arranged in numerical order. It divides the ordered data set into two equal parts where half of the values fall below the median and half fall above it. There are different methods to calculate the median depending on whether the data set has an odd or even number of values, is continuous or discrete, or individual or grouped data. The median provides a measure of central tendency that is not impacted by outliers in the data set making it more robust than the mean in some cases.