Select all of the components of the "Five Number Summary" for descriptive Statistics!
To determine the components of the "Five Number Summary" in descriptive statistics, we need to understand the concept of quartiles. The five number summary includes the following components:
1. Minimum: This is the smallest value in the dataset, representing the lowest observation.
2. First Quartile (Q1): Also known as the lower quartile, this value represents the 25th percentile of the data. It divides the data into the lower 25% and upper 75% quartiles.
3. Median (or Second Quartile): The median is the middle value of the data when arranged in ascending or descending order. It represents the 50th percentile and divides the data into the lower 50% and upper 50% quartiles.
4. Third Quartile (Q3): Also called the upper quartile, this value represents the 75th percentile of the data. It divides the data into the lower 75% and upper 25% quartiles.
5. Maximum: This is the largest value in the dataset, representing the highest observation.
To obtain the five number summary:
1. Arrange the dataset in ascending or descending order.
2. Find the minimum value (the smallest value).
3. Calculate the first quartile (Q1) by finding the median of the lower half of the dataset.
4. Calculate the median (or second quartile) by finding the middle value of the dataset.
5. Calculate the third quartile (Q3) by finding the median of the upper half of the dataset.
6. Find the maximum value (the largest value).
By following these steps, you can easily determine all the components of the Five Number Summary for any dataset.