Explain which measure of spread would best describe the payroll:the range,the IQR, or the standard deviation.

Question
Explain which measure of spread would best describe the payroll:the range,the IQR, or the standard deviation.

Answers (1)

2020-10-22
Inter quartile range:
In contrast to the range, which measures only differences between the extremes, the inter quartile range (also called mid spread) is the difference between the third quartile and the first quartile. Thus, it measures the variation in the middle 50 percent of the data and unlike the range it is not affected by extreme values. \(IQR = Q_{3} - Q_{1}\).
Here, the range and the standard deviation affects by the two higher salaries whereas the interquartile range is not affected by the higher salaries.
Thus, the IQR is the measure of spread that best describe the payroll distribution.
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