How can we use the minimum and maximum values of a dataset to find outliers ? I also googled and found the inter quartile range method that says all values above the Upper bound,(1.5 *IQR + 3rd quartile) and below the lower bound calculated as 1st quartile - 1.5*IQR are outliers. Is this method valid for module 5 ?
I don't recall seeing any questions on outliers. There probably isn't a universally agreed definition because it is likely to depend on why you want to identify them and what the data is. However, I agree that Q1/3 +/- 1.5 IQR is sensible. I have found this defined as 'mild' outliers and a factor of 3 (rather than 1.5) being called extreme outliers.
