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Percentiles (Centiles, Percentile Rank), Deciles and Quartiles Defined & Explained in One Minute

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First and foremost, please don't confuse the term "percentile" with the term "percentage" and secondly, it's important to understand that percentiles come in handy when other methods of understanding data are sub-optimal.

Today, I've defined as well as explained percentiles (also called deciles, although some prefer the term "percentile rank" or variations thereof), deciles and quartiles.

Like with all things statistics-related, it might seem hard to wrap your head around percentiles initially but if the percentile rank concept is explained properly, you'll end up realizing that percentiles, deciles and quartiles are important tools to have in your arsenal.

Moreover, you will no longer give people a blank stare whenever they analyze data using percentiles and, on the contrary, will be able to extract a ton of value from that conversation... why not, even contribute to it!

To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.

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