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The five-number summary is a set of descriptive statistics that provides information about a dataset. ... and determine whether or not any data points are outliers.
A common collection of order statistics used as summary statistics are the five-number summary, sometimes extended to a seven-number summary, and the associated box plot. Entries in an analysis of variance table can also be regarded as summary statistics.
Consider also the grade point average. This single number describes the general performance of a student across the range of their course experiences. [6] The use of descriptive and summary statistics has an extensive history and, indeed, the simple tabulation of populations and of economic data was the first way the topic of statistics appeared.
Tukey promoted the use of five number summary of numerical data—the two extremes (maximum and minimum), the median, and the quartiles—because these median and quartiles, being functions of the empirical distribution are defined for all distributions, unlike the mean and standard deviation.
The fixed rate for a 15-year mortgage is 5.94%, down 10 basis points from last week's average 6.04%. These figures are lower compared to a year ago, when rates averaged 6.94% for a 30-year term ...
Rates on a 15-year mortgage stand at an average 5.94% for purchase and 5.95% for refinance — down 21 basis points from 6.15% for purchase and 25 basis points from 6.20% for refinance this time ...
The sample maximum and minimum are the least robust statistics: they are maximally sensitive to outliers.. This can either be an advantage or a drawback: if extreme values are real (not measurement errors), and of real consequence, as in applications of extreme value theory such as building dikes or financial loss, then outliers (as reflected in sample extrema) are important.
The fixed rate for a 15-year mortgage is 5.94%, down 10 basis points from last week's average 6.04%. These figures are lower compared to a year ago, when rates averaged 6.94% for a 30-year term ...