1. A computing device, comprising: one or more processors; and a memory having instructions stored thereon, which when executed by the one or more processors, cause the computing device to perform operations including: identifying a minimum data value and a maximum data value for a variate in a set of data to be analyzed in a first iteration, wherein the variate includes a specified quantile; sampling a set of data values from the variate; selecting a subset of the sampled set of data values and wherein each of the data values in the subset are selected to be lower and upper quantile bounds for one or more data bins for the variate; defining a plurality of data bins for the variate using the subset of the sampled set of data values, wherein the plurality of data bins collectively range from the minimum data value to the maximum data value and each of the plurality of data bins is associated with a different range of data values in the set of data; determining a total number of data values in the set of data that fall within each of the plurality of data bins; identifying one of the plurality of data bins that includes the specified quantile based on the total number of data values in each of the plurality of data bins and the lower and upper quantile bounds of each of the data bins; determining the specified quantile based on the identified one of the plurality of data bins; and storing data including the specified quantile and the upper and lower quantile bounds, wherein when another plurality of data bins is defined, the stored data is used to narrow one or more spans of lower and upper quantile bounds of the another plurality of data bins.