BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The 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 divide each part are called the first, second, and third quartiles; and they are denoted by Q1, Q2, and Q3, respectively.

Detailed explanation-2: -Like the range, the IQR is a measure of variability, but you must find the quartiles in order to compute its value. The interquartile range is the difference between upper and lower quartiles and denoted as IQR.

Detailed explanation-3: -Just like the range, the interquartile range uses only 2 values in its calculation. But the IQR is less affected by outliers: the 2 values come from the middle half of the data set, so they are unlikely to be extreme scores. The IQR gives a consistent measure of variability for skewed as well as normal distributions.

Detailed explanation-4: -The range is the measure of variability or dispersion. The range is a poor measure because it is based on the extreme observations of a data set.

Detailed explanation-5: -Standard error and standard deviation are both measures of variability. The standard deviation reflects variability within a sample, while the standard error estimates the variability across samples of a population.