Calculating and Understanding Standard Deviation
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In your response, please explain how to calculate the standard deviation and how to interpret the final value.
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Solution Summary
This solution defines the concept of standard deviation in statistics, then explains how to calculate standard deviation, including an explanation for each step of the process. This solution also describes how one would interpret its final value.
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There are many measures of variability that we use in statistics. The most commonly-used measure is the standard deviation, and it's important to understand exactly what this measure means. We use measures of variability to get an idea of how widely spread our data is around some central point (usually the average/mean).
The standard deviation is somewhat complex to calculate by hand, but looking at how it is calculated helps us understand what information it provides. We'll break the calculation down into several steps to help with understanding this.
Steps for calculating standard deviation:
1. Calculate the difference between each ...
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