extent to which data points in a dataset differ from each other. It reflects the dispersion, spread, or diversity of values within the set of observations. • Variability measures how much individual data point deviate from the central tendency. Importance of understanding variability in data analysis
Assessing data quality- variability helps in assessing
the quality and reliability of data. Making informed decision- by understanding variability, analysts can make more informed decision and prediction based on available data. Identifying patterns and trends- variability allows analysts to identify patterns and trends within the data. Range
• The Range is the simplest
measure of variability, and one you have probably encountered many times in your life. The Range is simply the highest value in the data set minus the lowest value in the data set. Range
• For example, what is the Range of the
following set of data? 10, 2, 5, 6, 7, 3, 4 • The highest value is 10, and the lowest value is 2. Because 10 minus 2 = 8, the Range for this data set is 8. Variance
• Variability can also be defined in
terms of how close the values are to the central tendency. We can use the mean as the measure of central tendency. • The variance is defined as the average squared difference of each value from the mean. Standard deviation
• The Standard Deviation is
an especially useful measure of variability when the distribution is normal ("bell shaped") or approximately normal because the Standard Deviation affects the shape of the "bell curve." This video shows how to calculate the variance and standard deviation Range Variance Standard Deviation