Quartiles
from class:
Principles of Finance
Definition
Quartiles are values that divide a data set into four equal parts. They help in understanding the distribution and spread of the data.
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5 Must Know Facts For Your Next Test
- Quartiles are denoted as Q1, Q2 (Median), and Q3.
- Q1 marks the 25th percentile, where 25% of the data lies below this value.
- Q2 is the median or the 50th percentile, which divides the data set in half.
- Q3 represents the 75th percentile, with 75% of the data below this point.
- The interquartile range (IQR) is calculated as Q3 minus Q1 and measures statistical dispersion.
Review Questions
- What is the significance of Q2 in a quartile distribution?
- How do you calculate the interquartile range (IQR)?
- Which quartile represents the median value in a data set?
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