What are the applications of IQR in data analysis?
An example of an AI chatbot conversation about applications of IQR in data analysis.
What are the applications of IQR in data analysis?
The Interquartile Range (IQR) is used to measure statistical dispersion and identify outliers in data sets.
Can you explain how IQR helps in identifying outliers?
Sure! Outliers are typically defined as values that fall below Q1 - 1.5 * IQR or above Q3 + 1.5 * IQR.
What are some real-world examples where IQR is applied?
IQR is commonly used in fields like finance to detect fraudulent transactions and in healthcare to analyze patient data.
Are there any limitations to using IQR?
Yes, IQR may not be effective for small data sets or when the data is not normally distributed.
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