CFA® Level I Quantitative Methods- Box and Whisker Plot (Visualise Data based on Quantiles)

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A box and whisker plot, also known as a box plot, is a graphical representation of a dataset that displays the distribution of the data. It is particularly useful for comparing the distribution of data between different groups or conditions.
The plot consists of a box, which represents the middle 50% of the data, and whiskers, which extend from the box to the minimum and maximum values of the data. The box is divided into two parts by a horizontal line, called the median line, which represents the median (or middle) value of the data. The lower half of the box represents the lower quartile (25th percentile) of the data, and the upper half of the box represents the upper quartile (75th percentile).
Outliers, or data points that are significantly different from the rest of the data, may also be plotted as individual points outside the whiskers.
Box and whisker plots are a useful way to visualize the spread and skewness of a dataset, and to compare the distribution of data between different groups. They can also be used to identify potential outliers in the data.
The trimmed mean is a measure of central tendency that is similar to the mean, but it is less sensitive to extreme values or outliers in the data. Trimming a small percentage of the data can help to reduce the influence of outliers on the mean, resulting in a more representative measure of the central tendency of the data.
The Windsorized mean is a measure of central tendency that is similar to the mean, but it is less sensitive to extreme values or outliers in the data. Windsorizing the data involves replacing a small percentage of the extreme values with the next lowest or highest values, which can help to reduce the influence of outliers on the mean, resulting in a more representative measure of the central tendency of the data.

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