I am not able to distinguish outliers: when to go with the std. dev. or when we need to go with the median.
My understanding on std. dev. is: if the data point is away from the mean by more than 2 std. dev., we consider that as an outlier. Similarly for the median, we say that any data point that is not in-between Q1 and Q3 is an outlier.
So I am confused as to which one to choose.
Can you guys help me understand?