What is third quartile (Q3)?

The third quartile (Q3) is a statistical measure that represents the value below which 75% of a data set falls. It is the median of the upper half of the data when the values are arranged in ascending order. Q3 is often used in descriptive statistics to understand the distribution of data and identify potential outliers. It is a key component in calculating the interquartile range (IQR), which helps to assess data variability.