Quartiles are values that divide a dataset into four equal parts, each containing approximately 25% of the data points. They are fundamental statistical measures that help us understand the spread and distribution of data. The three main quartile values are:
Key Quartile Points:
- First Quartile (Q1): The 25th percentile
- Second Quartile (Q2): The median or 50th percentile
- Third Quartile (Q3): The 75th percentile
- Interquartile Range (IQR): The difference between Q3 and Q1
The interquartile range (IQR) is particularly useful as it represents the spread of the middle 50% of the data and is resistant to outliers, making it a robust measure of statistical dispersion.