Quantitative Methods: Descriptive Stats Flashcards
1
Q
What is the difference between median and mean
A
Median cannot be affected by one huge outlier
2
Q
What is skewness
A
It measures the degree of assymetry
3
Q
What is kurtosis
A
Kurtosis measures the sharpness of the graph
4
Q
How to detect outliers based on z score
A
Outlier if z score is more than 3 or less than minus 3
I.e when the distance from the mean is more than 3 times the standard deviation
5
Q
Detecting outliers based on interquartile range
A
1.5 times more or less than 1st and 3rd quartile is an outlier
