Question

The Empirical Rule says that: Group of answer choices outliers are within three standard deviations of the mean. about 32 percent of the data are beyond one standard deviation from the mean most business data sets are normally distributed in most business data we expect the mean and median to be similar.

Answer 1

The Empirical Rule says that:

outliers are within three standard deviations of the mean.

Explanation:

An outlier is an observed data value which lies some abnormal distance from other values in a population's random sample. The cut-off for an outlier is three standard deviations from the mean in a normal distribution. Therefore, the Empirical Rule concludes that 99.7% of data observed following a normal distribution lies within 3 standard deviations of the mean. In summary, the empirical rule concludes that 68% of the data falls within one standard deviation, 95% percent falls within two standard deviations, while 99.7% falls within three standard deviations from the mean.