What concept refers to data points that are significantly higher or lower than the rest of the dataset?

The concept that refers to data points which are significantly higher or lower than the majority of the dataset is called outliers. Outliers can impact statistical analyses significantly because they may indicate variability in the data, measurement errors, or novel observations that are not representative of the overall data trends. Identifying outliers is essential in data analysis as they can skew results, affect the mean, and give a distorted view of the data. Understanding and managing outliers helps researchers maintain the integrity of their analyses and draw accurate conclusions from their data.

In contrast, the mean is a measure of central tendency that represents the average of the data points, whereas trends refer to the general direction or pattern observed over time within the data. Variables are characteristics or properties that can change or vary, but they do not specifically signify extreme values in a dataset.