How do I calculate the standard deviation of a dataset?

How do I calculate the standard deviation of a dataset?

To calculate the standard deviation, first find the mean of your dataset. Then, subtract the mean from each data point, square the result, and find the average of those squared differences. Finally, take the square root of that average.

Can you show me an example with numbers?

Sure! Let's say your dataset is 4, 8, 6, 5, 3. The mean is 5.2. The squared differences are (4-5.2)², (8-5.2)², (6-5.2)², (5-5.2)², (3-5.2)². Calculate those, average them, and then take the square root.

What is the standard deviation for that dataset?

The squared differences are 1.44, 7.84, 0.64, 0.04, and 4.84. The average of these is 2.96, and the square root of 2.96 is approximately 1.72. So, the standard deviation is about 1.72.

Is there a difference between population and sample standard deviation?

Yes, there is! The population standard deviation uses 'N' (the total number of data points) in the denominator, while the sample standard deviation uses 'N-1' to account for bias in estimating the population standard deviation.