STATISTICAL TECHNIQUES AND TOOLS
MEASURES OF VARIABILITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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IQR
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MAD
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Either A or B
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None of the above
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Detailed explanation-1: -The interquartile range is the best measure of variability for skewed distributions or data sets with outliers. Because it’s based on values that come from the middle half of the distribution, it’s unlikely to be influenced by outliers.
Detailed explanation-2: -Variability of a skewed data distribution is described by the interquartile range (IQR). The IQR describes variability by specifying the length of the interval that contains the middle 50% of the data values. Outliers in a data set are defined as those values more than 1.5(IQR) from the nearest quartile.
Detailed explanation-3: -The measure of variation is also known as the measure of skewness or dispersion. The standard deviation is considered as the best measure of dispersion whereas the range is considered as the worst measure of dispersion.