STATISTICS FOR DATA ANALYTICS - 5
Measure of Variability : -
Variability.
It describes how far apart data points lie from each other and from the centre of distribution.
It also shows the clustering of data.
Type of Measure of Variability
Mean absolute deviation.
Variance
Standard deviation
Range
Mean absolute deviation : -
The mean absolute deviation of a dataset is the average distance between each data point and the mean.
Variance ( sigma )
That tells the degree of spread of the dataset.
Lower variance - less spread
High variance - more spread.
POPULATION & SAMPLE
Standard Deviation : -
It is a square root of the variance, it helps us to know the deviation of the dataset.
Low deviation - less spread means values are near.
High deviation- more spread means values are far.
POPULATION & SAMPLE
Difference between variance and standard deviation
Standard deviation is a statistical measure used to determine how spread out numbers are in a data set.
Variance gives an actual value to how much the numbers in a data set vary from the mean.
Empirical Rule :-
68 ,95 ,99.7 rule
Data value present according to the standard deviation.
Range :- It is commonly used to measure of variability
Range = max - min
Large range means high variability in distribution.
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