Question
Download Solution PDFWhich of the following is related to the measure of variability?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFVariability is most commonly measured using the range, interquartile range, standard deviation, and variance.
Key Points
- Range: the difference between the highest and lowest values
- Interquartile range: the range of the middle half of a distribution
- Standard deviation: average distance from the mean.
- Variance: average of squared distances from the mean.
Standard Deviation is the most stable measure of variability. It is the most important and commonly used measure of dispersion. It measures the absolute dispersion or variability of a distribution. Standard Deviation is the positive square root of the mean of the squared deviation of observation from their mean.
Hence, it can be concluded that standard deviation is related to the measure of variability.
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