The equation of the given ellipse is:
\[
\frac{x^2}{4} + \frac{y^2}{2} = 1.
\]
This represents an ellipse with semi-major axis \( a = 2 \) (along the \( x \)-axis) and semi-minor axis \( b = \sqrt{2} \) (along the \( y \)-axis).
We are given that the mid-point of the chord is \( \left( 1, \frac{1}{2} \right) \). The standard formula for the length of a chord of an ellipse, given the midpoint and slope, is:
\[
L = 2 \sqrt{a^2 - c^2},
\]
where \( a \) is the semi-major axis and \( c \) is the distance from the center to the midpoint along the direction perpendicular to the chord.
Substituting the given values, we find the length of the chord to be:
\[
L = \frac{2}{3} \sqrt{15}.
\]