Quantitative Methods: Descriptive Stats

Question 1

What is the difference between median and mean

Answer 1

Median cannot be affected by one huge outlier

Question 2

What is skewness

Answer 2

It measures the degree of assymetry

Question 3

What is kurtosis

Answer 3

Kurtosis measures the sharpness of the graph

Question 4

How to detect outliers based on z score

Answer 4

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

Question 5

Detecting outliers based on interquartile range

Answer 5

1.5 times more or less than 1st and 3rd quartile is an outlier