Hey everyone!
I’ve been working with panel data lately and keep hearing about the "5 number summary." But like... *what is a 5 number summary in panel data* exactly?
Is it just min, max, median, and quartiles like in regular data, or does it work differently because of the time and cross-section dimensions?
Also, how do you even use it? Like, does it help spot trends or outliers across different groups or time periods?
Kinda confused rn, ngl. Would love if someone could break it down in simple terms—maybe with an example?
Thanks in advance!
I’ve been working with panel data lately and keep hearing about the "5 number summary." But like... *what is a 5 number summary in panel data* exactly?
Is it just min, max, median, and quartiles like in regular data, or does it work differently because of the time and cross-section dimensions?
Also, how do you even use it? Like, does it help spot trends or outliers across different groups or time periods?
Kinda confused rn, ngl. Would love if someone could break it down in simple terms—maybe with an example?
Thanks in advance!