What are the applications of standard deviation?
An example of an AI chatbot conversation about applications of standard deviation.
What are the applications of standard deviation?
Standard deviation is used in various fields like finance, healthcare, and education to measure variability.
Can you give me an example in finance?
Sure! In finance, standard deviation helps assess the risk of an investment by measuring how much returns deviate from the average.
How about in healthcare?
In healthcare, standard deviation is used to analyze patient data, helping to understand variations in treatment outcomes.
What about in education?
In education, standard deviation can evaluate test scores, indicating how much students' performance varies from the average.
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