Which of the following is true about the median in the context of COD?

The median is indeed a key concept in statistical analysis, particularly in the context of the Coefficient of Dispersion (COD). The median represents the midpoint of a data set, meaning that it divides the dataset into two equal halves. In other words, half of the data points are below the median, and half are above it. This characteristic makes the median a robust measure of central tendency, especially useful in cases where data may contain outliers or are skewed, as it is less affected by extreme values than the mean.

In the context of assessing property values or other variables relevant to mass appraisal, the median helps appraisers understand the typical value, ensuring that they are not misled by unusually high or low values. This quality is essential for evaluating the accuracy and fairness of property assessments when applying the COD, which measures the degree of variability in property values relative to the median.

This understanding of the median as the midpoint sets it apart from the other statements provided. The median is not always the highest value, it is applicable to both discrete and continuous variables, and it is not a measure of variability, which are characteristics associated with different statistical concepts.

Thus, the answer accurately reflects the defining characteristic of the median in statistical analysis.