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The Empirical Rule says that about 32 percent of the data are beyond one standard deviation from the mean. outliers are within three standard deviations

The Empirical Rule says that

  • about 32 percent of the data are beyond one standard deviation from the mean.
  • outliers are within three standard deviations of the mean.
  • in most business data we expect the mean and median to be similar.
  • most business data sets are normally distributed.

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