Interquartile Range A Term You Need to Know
The interquartile range (IQR) is a measure of variability or spread in a data set. It is calculated as the difference between the 75th and 25th percentiles, and represents the range of values that encompasses the middle 50% of the data set. The IQR is a robust statistic that is not affected by outliers in the same way that the range or standard deviation might be.
The IQR is a useful measure of variability in a data set, as it provides a more robust summary of the distribution of values than measures like the range or standard deviation. It is also commonly used to identify outliers in a data set. Values that fall outside of the range defined by 1.5 times the IQR are considered outliers.
The IQR is widely used in fields such as finance, economics, biology, and psychology to describe the distribution of data and make inferences about population parameters. It is also used to perform hypothesis tests and to compare the variability of two or more data sets.View More Definitions
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