Summary of "Lecture 3.4 - Describing Numerical Data - Measures of dispersion- Range"
measures of dispersion are important to understand the spread or variation in a data set, complementing measures of central tendency.
The range is the difference between the largest and smallest values in a data set, providing a simple measure of spread.
However, the range is sensitive to outliers and extreme values, leading to potential misinterpretations.
The variance, which considers all observations in a data set, is a commonly used measure of dispersion.
variance involves squaring the deviations of each data point from the mean, summing them, and dividing by the number of observations (n for population variance, n-1 for sample variance).
standard deviation, the square root of the variance, helps maintain the original units of measurement and is useful for comparing variability across different data sets.
Adding a constant to a data set does not change the variability, while multiplying by a constant changes the variability by a scalar multiple.
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