Mean And Standard Deviation Flashcards, test questions and answers

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What is Mean And Standard Deviation?

Mean and standard deviation are terms used in statistics to describe a data set’s central tendency and spread. Mean (often referred to as the average) is calculated by taking the sum of a data set, then dividing it by the number of elements in that set. Standard deviation is a measure indicating how spread out numbers are from the mean. It measures how much variation or dispersion there is from the average value. Mean is useful for determining an overall trend or direction of a data set, while standard deviation is useful for understanding how widely values in that same data set can vary. For example, if you were looking at survey results asking people to rate their happiness on a scale from 1 10, mean would tell you what most people reported as their level of happiness while standard deviation would provide more information on how widely people’s ratings varied: were most people relatively close to each other in their ratings, or did some rate themselves much higher than others? In addition to providing insight into survey results, mean and standard deviation can be used for analyzing other types of data sets such as stock prices over time or weather patterns across different regions. Mean and standard deviation are common metrics used in many areas including business intelligence and research analysis because they provide valuable insight into trends within data sets that might not be immediately obvious from just looking at raw numbers.