From the course: Statistics Foundations 2: Probability
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Percentiles - Microsoft Excel Tutorial
From the course: Statistics Foundations 2: Probability
Percentiles
- To get accepted into a prestigious graduate program, you'd likely need to take a standardized exam. GRE, GMAT, LSAT, MCAT, et cetera. If your score is recorded in the 98th percentile, what does that mean? Well, among all the people that took it, your score was in the top 2%. Nice job. Here's another example. If we look at US annual incomes, in 2018 someone that had an annual income of $250,000 was in the 95th percentile. The top 5%. While an annual salary of 63,000 put you in the 50th percentile. In other words, 50% of the adults in the US had higher incomes. Therefore, this is also our medium. Percentiles are easy to understand, but how do we calculate percentile rank? Well, there are actually a few acceptable methods, but here is one that is fairly easy to use. Let's use these 20 exam scores as our data set. If someone scored an 85%, what would be their percentile rank? Don't get confused. 85% is their…
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