What is standard deviation?
Standard deviation is a statistical measure that quantifies the amount of variation or dispersion in a set of data values
Standard deviation is a statistical measure that quantifies the amount of variation or dispersion in a set of data values. It provides a measure of how spread out the data points are from the mean or average value.
To calculate the standard deviation, follow these steps:
1. Compute the mean or average of the data set.
2. Subtract the mean from each data point and square the result.
3. Sum up all the squared differences.
4. Divide the sum by the total number of data points.
5. Take the square root of the result obtained in step 4.
The standard deviation is expressed in the same units as the data set, which makes it easier to interpret. A smaller standard deviation indicates that the data points are closer to the mean, while a larger standard deviation indicates greater dispersion or variability.
In practice, the standard deviation is widely used in various fields, such as finance, quality control, and research, to understand and analyze data patterns, identify outliers, and make informed decisions based on the variability of data.
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