Quartiles Formula
Quartiles are a useful statistical tool in business statistics for dividing a dataset into four equal parts, each representing 25% of the data. They are often used in conjunction with other measures of central tendency and variability, such as the mean and standard deviation, to better understand the distribution of the data.
The quartiles of a dataset can be calculated using the following formula:
Q1 = L + (N/4 - F) * (U - L)/C
Q2 = L + (N/2 - F) * (U - L)/C
Q3 = L + (3N/4 - F) * (U - L)/C
