Upper and lower bounds refer to the limits set for identifying outliers based on the IQR. The upper bound is calculated by adding 1.5 times the IQR to Q3, while the lower bound is obtained by subtracting 1.5 times the IQR from Q1.
Related terms
Whiskers: Lines in a boxplot extending from the box indicating how far data values may extend before being considered outliers.
Modified Boxplot: A variation of a boxplot that uses fences based on 1.5 times or 3 times the IQR to identify potential outliers.
Robust Statistics: Statistical measures that are not affected by outliers or extreme values in a dataset, such as median instead of mean.