Dispersion Measures
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Mary claims that the range, standard deviation and variance are all measures of dispersion. John adds to Mary's claim by stating that the coefficient of variation is a measure of relative dispersion. Do you agree with both Mary and John? Why?
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Solution Summary
Standard deviation and variance are discussed.
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Without knowing something about how data is dispersed, measures of central tendency may be misleading. For example, a residential street with 20 homes on it having a mean value of $200,000 with little variation from the mean would be very different from a street with the same mean home value but with 3 homes having a value of $1 million and the other 17 clustered around $60,000. Measures of dispersion provide a more complete picture. Dispersion measures include the range, coefficient of variation, variance, and standard ...
Education
- BSc , Wuhan Univ. China
- MA, Shandong Univ.
Recent Feedback
- "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
- "excellent work"
- "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
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