Understanding Variability
Variability is a measure of the spread between numbers in a data set. Standard deviation, variance, and range are all important metrics for statisticians.
In this section, we'll dive into each of these, with practical examples!
Why Variability Matters
When analyzing data, knowing the variability helps in understanding the reliability of the dataset. It determines how consistent your data points are relative to the mean.
Common Metrics:
- Standard Deviation (σ): A measure of the amount of variation or dispersion in a set of values.
- Variance (σ²): The average of the squared differences from the Mean.
- Range: The difference between the largest and smallest values.