Question
What is the primary advantage of using a box plot for
data visualization?Solution
A box plot (also known as a box-and-whisker plot) is an effective visualization tool used to display the distribution of a dataset, showing key statistics such as the median , quartiles , and outliers . The box represents the interquartile range (IQR), with a line inside the box indicating the median. The "whiskers" extend to show the range of data excluding outliers, while individual points outside the whiskers are marked as outliers. This is particularly useful for understanding the spread and variability of data and for detecting outliers, which are points that deviate significantly from the rest of the data. Why Other Options Are Wrong : A) Incorrect : A scatter plot is used to show the relationship between two continuous variables, not a box plot. C) Incorrect : Box plots are not designed for categorical data. Bar charts or pie charts are better suited for categorical data visualization. D) Incorrect : Box plots provide a summary of the distribution of data, but not the individual data points. Dot plots or scatter plots provide more detailed information about each data point. E) Incorrect : Line charts are typically used for visualizing time-series data, not box plots.
Loans up to how much qualify as micro loans under the Credit Guarantee Fund for Micro Units (CGFMU)?
A belated return can be filed by a taxpayer under Income tax Act, between _______
An asset is purchased for Rs.50,000 on which depreciation is provided annually according to the straight-line method, the useful life is 10 years and t...
In the context of wire transfers, who is defined as the “Beneficiary” according to RBI’s KYC guidelines?
Bank A/c is generally maintained in the ___?
An expansionary (inflationary) gap occurs when:
In FY 25, a company sold equipment (original cost ₹10,00,000, accumulated depreciation ₹6,00,000) for ₹4,50,000 and also purchased a new asset for...
Cost of equity is 15%, cost of debt is 10%, debt-equity ratio is 1:1, tax rate 30%. What is WACC?
Which of the following is not a correct feature of a microfinance loan as per RBI’s guidelines?
What is the role of a Ceding Company in insurance?