What mathematic concept determines the central point of a set, along with minimum, lower and upper quartiles?

The concept that determines the central point of a set, along with the minimum, lower quartile, and upper quartile, is the median. The median specifically refers to the middle value of a data set when it is arranged in ascending order. If the data set contains an odd number of observations, the median is the center number. If there is an even number of observations, the median is calculated as the average of the two central numbers.

In the context of quartiles, the median also serves as the benchmark to divide the dataset: it represents the second quartile (Q2). The first quartile (Q1) is the median of the lower half of the data set, while the third quartile (Q3) is the median of the upper half. In this way, the median plays a critical role in summarizing the distribution of data, allowing us to understand its central tendency alongside the quartiles that provide insights into the spread of the data.