How can work out the IQR with listed Upper bound and Lower Bound Outliers?
To calculate the Interquartile Range (IQR) with Upper Bound and Lower Bound Outliers, you need to follow these steps:
1. Start by organizing your data in ascending order.
2. Identify the lower and upper quartiles (Q1 and Q3). These quartiles mark the 25% and 75% points, respectively, of the data set.
3. Calculate the range of your data set by subtracting the lowest value from the highest value.
4. Determine if your data set has any outliers below the lower bound or above the upper bound. Outliers are values that are significantly higher or lower than the rest of the data.
5. If you have identified any outliers, adjust the lower and upper quartile values accordingly. For example, if you have a lower bound outlier, find the next largest non-outlier value and use it as your new Q1. Conversely, if you have an upper bound outlier, find the next smallest non-outlier value and use it as your new Q3.
6. Finally, calculate the IQR by subtracting Q1 from Q3.
Keep in mind that identifying and handling outliers correctly is crucial because they can greatly influence the IQR value.