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Variance and Standard Deviation
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Quantiles
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Midhinge, IQR & Quartile Deviation
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Coefficient of Variation and Empirical Rule
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Kurtosis and Skewness
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Outliers and Boxplots
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Midhinge, IQR & Quartile Deviation
The midhinge, interquartile range (IQR), and quartile deviation are key measures for understanding the spread and variability within the central portion of a dataset. The midhinge is the average of the first quartile (Q1) and the third quartile (Q3), providing a central point for the middle 50% of the data. The interquartile range (IQR) is the difference between Q3 and Q1, measuring the range within which the central 50% of the data falls, and offering insight into the spread of this middle portion without being influenced by outliers. The quartile deviation, or semi-interquartile range, is half of the IQR and represents the average distance of data points from the midhinge, focusing on variability within the central 50% of the dataset. These measures collectively help in analyzing data distribution and central spread while mitigating the effects of extreme values.
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