What are some statistical methods for handling outliers?

What are some statistical methods for handling outliers?

There are several methods to handle outliers, including trimming, winsorizing, and using robust statistical techniques.

Can you explain what trimming and winsorizing mean?

Trimming involves removing outliers from the dataset, while winsorizing replaces them with the nearest non-outlier values.

When should I use robust statistical techniques?

Robust techniques are useful when you want to minimize the influence of outliers without removing them, like using median instead of mean.

Are there any specific robust methods you recommend?

Yes, methods like the Median Absolute Deviation (MAD) and robust regression techniques are highly recommended for dealing with outliers.