QUARTILES & INTERQUARTILE RANGES Quartiles: Divide a set of ordered data into four groups with equal numbers of values, just as the median divides data into two equally sized groups. There are three 'dividing points' ◦ 1st Quartile, Q1 ◦ Median or 2nd Quartile, Q2 ◦ 3rd Quartile, Q3 Q1 and Q3 are the medians of the lower and upper halves of the data Recall: When there are an even number of data points, you take the midpoint between the two middle values as the median (Q2) If the number of data below the median is even, Q1 is the midpoint between the two middle values in this half, similarly, Q3 would be the midpoint in the upper half Interquartile Range: Q3 – Q1, the range of the middle half of the data The larger the spread of the central half of the data, the larger the interquartile range The interquartile range provides the measure of spread Semi-Interquartile Range: It is one half of the interquartile range. Both of these ranges indicate how closely the data are clustered around the median Box-and-whisker plot: This illustrates these measures of spread. The box shows Q1, the median, and Q3 The ends of the 'whiskers' represent the lowest and highest values in the set of data The length of the box shows the interquartile range The left whisker shows the range of the data below Q1 The right whisker shows the range of the data above Q3 Modified Box-and-whisker plot: This is used when there are outliers in the data. Typically, any point that is at least 1.5 times the box length away from the box is classified as an outlier. The outliers are shown as separate points instead of including them in the whiskers Example: A random survey of people at a science-fiction convention asked them how many times they had seen Star Wars. The results are shown below. 3 4 2 8 10 5 1 15 5 16 6 3 4 9 12 3 30 2 10 7 a) Determine the median, the first and third quartiles, and the interquartile and semi-interquartile ranges. What information do these measures provide? b) Prepare a suitable box plot of the data. c) Compare the results in part a) to those from last year’s survey, which found a median of 5.1 with an interquartile range of 7.0. Example: In a survey of low risk mutual funds, the median annual yield was 7.2%, while Q1 was 5.9% and Q3 was 8.3%. Describe the following funds in terms of quartiles. Mutual Fund XXY Value YYZ Dividend ZZZ Bond Annual Yield (%) 7.5 9.0 7.2