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Outliers

• Are probabilistically remote events. Often viewed as statistically independent as well. Various techniques can test if actual data differ in a statistically significant manner from the benchmark or normal distribution. Also, independence assumptions can be tested to see if they are accurate representations of the underlying processes.

 
 Embedded terms in definition
 Benchmark
Distribution
Independence
Normal distribution
Underlying

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The art of being wise is the art of knowing what to overlook. - William James

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