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The standard deviation formula may look confusing, but it will make sense after we break it down It's a way of quantifying how spread out the data is from its mean. The formula we use for standard deviation depends on whether the data is being considered a population of its own, or the data is a sample representing a larger population.

Standard deviation measures how far apart numbers are in a data set The population standard deviation is a measure of how much variation there is among individual data points in a population Variance, on the other hand, gives an actual value to how much the numbers in a data set vary from the mean.

Practice calculating and interpreting the mean and standard deviation of a discrete random variable.

We learn how to calculate the mean and standard deviation of a discrete random variable The concept of a random variable is explained, along with methods to calculate its expected value (mean) and measure its spread (variance and standard deviation). The standard deviation (sigma) is a measure of how much the data is spread out around the mean, not a better guess as to what the mean should be A small value of sigma indicates that you don’t need to worry much about outliers.

In population standard deviation is calculated using every individual from that population while in sample standard deviation we take specific number of individuals from the population. Take a sample from a population, calculate the mean of that sample, put everything back, and do it over and over How much do those sample means tend to vary from the average sample mean This is what the standard error of the mean measures

Its longer name is the standard deviation of the sampling distribution of the sample mean.

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