Risk glossary

 

Quartile

Of the three quartiles, the first or lower quartile of a list is a number (not necessarily a number in the list) such that at least one-quarter of the numbers in the list are no larger than it, and at least three-quarters of the numbers in the list are no smaller than it. The second quartile is the median. The third or upper quartile is a number such that at least three-quarters of the entries in the list are no larger than it, and at least one-quarter of the numbers in the list are no smaller than it.

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