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between, there are 99 other bars. Each bar represents the percent of
respondents who gave a fair price higher than the preceding bar, but less than
(or equal to) the next one. Finally, there is one more bar on the far right... the
percentage of respondents who gave an answer that was greater than (“>”)
the highest number on the x-axis (“> 200” in the example above).
Sample interpretation of the above bar chart -- 6% of respondents gave a
fair price between $98 and $100.
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This chart will not “shift to the right,” at least not like the first four charts. The fair
price answers will actually peak around the median value, which in this
example is $46. The on-site interpretation for this bar chart will tell you the
“median fair price” for your product.
What does “median” mean? “Median” is slightly different than “average.”
The median price is that price that is above half of the other fair price answers,
and that is below the other half. It’s the price that’s right smack in the middle --
just as many people gave a higher answer as gave a lower fair price. That
means that half of the folks thought it was worth more, half less.
Why do we use median rather than average? To eliminate the effect of “weirdo
answers”...
If someone had entered $1,000,000,000 as the fair price, that would skew the
average fair price value crazily upwards, making it useless. But to the median,
it’s just one more response that is higher than the mid-point. It carries no
special weight. Median values keep your data usable.
Overall, this chart gives you a good idea of your customers’ perceived
value for your product. Take a look at the median fair price. Is this more or less