In statistics, 

Quartiles are the set of values which has three points dividing the data set into four
identical parts. We ordinarily deal with a large amount of numerical data, in stats. There are
several concepts and formulas, which are extensively applicable in various researches and
surveys.

A quartile is a type of quantile which divides the number of data points into four parts,
or quarters, of more-or-less equal size. The data must be ordered in ascending order.
The three main quartiles are as follows:
 The first quartile (Q1) is defined as the middle number between the smallest
number (minimum) and the median of the data set. It is also known as
the lower or 25th empirical quartile, as 25% of the data is below this point.
 The second quartile (Q2) is the median of a data set; thus 50% of the data lies
below this point.
 The third quartile (Q3) is the middle value between the median and the highest
value (maximum) of the data set. It is known as the upper or 75th
empirical quartile, as 75% of the data lies below this point.

Interquartile Range Definition

The interquartile range defines the difference between the third and the first quartile.
Quartiles are the partitioned values that divide the whole series into 4 equal parts.

When does the interquartile range come in handy?

Temperature ranges during the day as reported on a weather report, and min/max levels of
water in a reservoir are some examples of range utilization in the real world. Outliers, on the
other hand, can have a large impact on the range values when they are present. As a result,
we choose to utilize the IQR because it "ignores" the bottom 25% of data points and the top
25% of data points.
Example question for dataset:
Find the IQR for the following data set: 3, 5, 7, 8, 9, 11, 15, 16, 20, 21.

 Step 1: Put the numbers in order.

3, 5, 7, 8, 9, 11, 15, 16, 20, 21.
 Step 2: Make a mark in the centre of the data:
3, 5, 7, 8, 9, | 11, 15, 16, 20, 21.
 Step 3: Place parentheses around the numbers above and below the mark you made in
Step 2 it makes Q1 and Q3 easier to spot.
(3, 5, 7, 8, 9), | (11, 15, 16, 20, 21).
 Step 4: Find Q1 and Q3.
Q1 is the median (the middle) of the lower half of the data, and Q3 is the median (the
middle) of the upper half of the data.
(3, 5, 7, 8, 9), | (11, 15, 16, 20, 21). Q1 = 7 and Q3 = 16.
 Step 5: Subtract Q1- Q3
16 – 7 = 9
This is your IQR.

Formula = IQR = Q3 – Q1

Quartiles Formula
Suppose, Q3 is the upper quartile is the median of the upper half of the data set. Whereas, Q 1 is
the lower quartile and median of the lower half of the data set. Q 2 is the median. Consider, we
have n number of items in a data set. Then the quartiles are given by;

Q1 = [(n+1)/4]th item

Q2 = [(n+1)/2]th item

Q3 = [3(n+1)/4]th item

Hence, the formula for quartile can be given by;

Where, Qr is the rth quartile

l1 is the lower limit

l2 is the upper limit

f is the frequency

c is the cumulative frequency of the class preceding the quartile class.

Quartiles Examples
Question 1: Find the quartiles of the following data: 4, 6, 7, 8, 10, 23, 34 for the given dataset .

Solution: Here the numbers are arranged in the ascending order and number of items, n = 7

Lower quartile, Q1 = [(n+1)/4] th item

Q1= 7+1/4 = 2nd item = 6

Median, Q2 = [(n+1)/2]th item

Q2= 7+1/2 item = 4th item = 8

Upper Quartile, Q3= [3(n+1)/4]th item

Q3 = 3(7+1)/4 item = 6th item = 23

Quartiles: Definition, Formulas, Inter Quartile Range, Examples (embibe.com)

Quartiles - Definition, Formulas, Interquartile Range (byjus.com)

Source: https://en.wikipedia.org/wiki/Quartile