Purchase Solution

What are the implications of statistical variation?

Not what you're looking for?

Ask Custom Question

Variation in the Universe

What are the implications of statistical variation? Why are we interested in understanding and measuring variation?

Besides using variation in the world of quality, there are also social implications. For example, what does statistical variation suggest about how we ought to judge and treat ourselves and others? Cite an example of these implications from your own experience.

Purchase this Solution

Solution Summary

Your tutorial is 536 words and includes a visual diagram, two practice examples and clear explanations of the concepts in everyday language suitable for a novice.

Solution Preview

Statistical variation gives us an idea of the spread of the data points above and below the mean or median. We are interested in understanding the variation because the spread of data tell us whether the points are mostly alike or widely different. For example, what if I gave a test and the mean was 80%. If the standard deviation was 4 points, then all the scores were within 68%-92% (about 3 standard deviations gets 99% of the points) and I might be pleased with this result. If the mean was 80% but the standard deviation was 16, then the range was much wider between the high and low scores, meaning that for every high score, there were failing scores. I might be less impressed with that result, even though the mean ...

Solution provided by:
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
Recent Feedback
  • "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
  • "Thank, this is more clear to me now."
  • "Awesome job! "
  • "ty"
  • "Great Analysis, thank you so much"
Purchase this Solution

Free BrainMass Quizzes

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Learning Lean

This quiz will help you understand the basic concepts of Lean.

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.