The formula for calculating MAD is straightforward:
First, calculate the mean (average) of the dataset. Next, determine the absolute deviation of each data point from the mean. Finally, take the average of these absolute deviations.
Mathematically, it is expressed as: MAD = (1/n) * Σ |xi - μ| Where n is the number of data points, xi is each individual data point, and μ is the mean of the dataset.
