Applications of Interquartile Range
The applications of Interquartile range are mentioned below:
- Interquartile Range has got its application in various fields, such as finance, healthcare, and quality control for outlier detection.
- Like Range,IQR is not sensitive to its extreme values or outliers in the given dataset.
- IQR is mostly useful in measure of variability for skewed distributions.
- Interquartile Range acts as a useful tool for summarizing the data and comparing the data, particularly when the data is non-normally distributed data.
- Interquartile Range is a versatile tool for in predicting data analysis and outlier detection.
- IQR can be used to identify outliers in a data set.
- IQR gives the central tendency of the data.
Also Check,
Interquartile Range in Statistics
Interquartile Range is a fundamental statistical concept that helps us understand the measure of data spread and variability of data within the given dataset. Interquartile Range is also represented as IQR. The Interquartile Range is quite different from calculating the Range. It is different from Range and it is not affected by outliers.
Interquartile Range provides the required valuable information about variability within the middle 50% of the data, which is very useful for descriptive statistics and identifying data issues easily.
Interquartile Range is quite different from the range, because it focuses on the middle 50% of the data, whereas the Range considers all the given data points in the provided data.
Table of Content
- What does a Quartile mean?
- What is Interquartile Range?
- Interquartile Range Formula
- How to Find the Interquartile Range?
- What is Semi Interquartile Range?