Order Statistics

What is order statistics

Order statistics are numerical summaries based on the ordered ranking of a quantitative variable (smallest to largest)

There are a few properties in particular that make order statistics useful:

1. They make no assumptions about how the data is distributed
2. Are generally robust to (unaffected by) major fluctuations in the data (i.e., outliers)
3. Easier to interpret

How to describe center and spread in order statistics

1. median ---> related to mean in moment statistics
2. IQR ---> related to standard deviation in moment statistics