What are the applications of IQR in real-world data?

What are the applications of IQR in real-world data?

The Interquartile Range (IQR) is used to measure statistical dispersion and identify outliers in datasets. It's widely applied in fields like finance, healthcare, and education.

Can you give me an example of IQR in finance?

Sure! In finance, IQR can help identify outliers in stock prices or returns, allowing analysts to assess risk and make informed investment decisions.

How is IQR used in healthcare?

In healthcare, IQR is used to analyze patient data, such as blood pressure readings, to identify abnormal values that may indicate health issues.

What about its use in education?

In education, IQR can help evaluate student performance by identifying outliers in test scores, which can inform teaching strategies.

Are there any limitations to using IQR?

Yes, while IQR is useful, it may not capture the full picture of data distribution, especially in non-normal distributions.