08-12-2014, 12:08 AM
Standard deviation and variance are statistical measures of dispersion used to assess how far away individual data points are from the mean, or average, within a set of data. Knowing how far each data point lies from the average allows you to make more accurate conclusions about a data set, population or sample, because you can pick out outliers and extreme values and note how they affect your results.
Calculating Variance
Variance is defined as the mean of the squares of the individual differences from the mean. To calculate the variance within a set of data, you would first calculate the mean by adding up all of your data points and then dividing the total by the number of data points being used. Then, the mean is subtracted from each data point individually, the result is squared, and the mean is taken again from these values.
Calculating Variance
Variance is defined as the mean of the squares of the individual differences from the mean. To calculate the variance within a set of data, you would first calculate the mean by adding up all of your data points and then dividing the total by the number of data points being used. Then, the mean is subtracted from each data point individually, the result is squared, and the mean is taken again from these values.
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