What is standard deviation and how do I interpret it?

What is standard deviation and how do I interpret it?

Standard deviation is a measure of the amount of variation or dispersion in a set of values. A low standard deviation means that the values tend to be close to the mean, while a high standard deviation indicates that the values are spread out over a wider range.

Can you give me an example of how to calculate it?

Sure! To calculate the standard deviation, first find the mean of your data set. 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.

What does a high standard deviation indicate in a data set?

A high standard deviation indicates that the data points are spread out over a larger range of values, meaning there is more variability in the data.

How can I use standard deviation in real-life scenarios?

Standard deviation can be used in various fields, such as finance to assess risk, in quality control to measure consistency, or in education to analyze test scores.