Interquartile Range
Interquartile Range (IQR) is a measure of variability, based on dividing a data set into quartiles. Quartiles divide a rank-ordered data set into four equal parts. The values that separate parts are called first, second, and third quartiles; and they are denoted by Q1, Q2, and Q3, respectively. The IQR is the difference between the third quartile (Q3) and the first quartile (Q1). It is a robust statistic, meaning that it is less sensitive to outliers and skewed data distributions. The IQR is often used to identify outliers in a data set. Values that fall below Q1 - 1.5*IQR or above Q3 + 1.5*IQR are considered outliers.
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