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An outlier is a value in a data set that is numerically distant from the other values. This definition is not rigorous, as I have not clearly identified a test to determine a value which is "numerically distant." However, in many situations, the definition is sufficient to identify values outside of an observable trend or grouping. The importance of the outlier depends on the statistics being calculated. If we are calculating the median price of a home, and we include a one huge mansion, the median will only be slightly effected. However, if we are calculating the cost of the most expensive houses, say in the top 10% percentile, the outlier will have a significant effect. See related link on outliers.

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Q: Why is an outlier important?
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