By Definition, an Outlier Is "Extreme" If It Is More

question 13

True/False

By definition, an outlier is "extreme" if it is more than 3.0 iqr away from the closest quartile.

Define the practice of whistle-blowing and its importance in maintaining ethical standards.

Understand the significance of creating a culture and environment in businesses that supports ethical practices and clear moral guidelines.

Understand and apply the concept of insurance premiums and discounts.

Calculate vehicle depreciation and the cost implications over time.

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Definitions:

Least Squares

A mathematical method used to find the best-fitting line through a set of points by minimizing the sum of the squares of the distances from the points to the line.

Regression Line

A straight line that best fits the data points on a scatter plot, showing the relationship between two variables.

Models

Replicas or systems that represent, simulate, or describe complex phenomena for the purpose of analysis or prediction.

Model Significant

Refers to the degree to which a statistical model's parameters are meaningful and impactful for understanding the data.