Handle Outliers using Boxplot and Flooring and Capping Method in Python

There are different techniques to detect outliers. We will use the most popular approach i.e. Boxplot (a.k.a. box and whisker plot) and using Flooring and Capping method to replace outlier values.

We will create a generic function for outlier detection and replacing values based on the 5 point summary of data values:
Minimum value
Q1 (lower) quartile
Median (middle) value
Q3 (upper) quartile
Maximum value