Calculate and interpret measures of dispersion.
The range is the difference between the largest and smallest values in a data set.
Mean absolute deviation (MAD) is the average of the absolute values of the
deviations from the arithmetic mean:
Variance is defined as the mean of the squared deviations from the
arithmetic mean or from the expected value of a distribution:
Sample variance = s2 = where X = sample mean and n =
sample size 9.
Standard deviation is the positive square root of the variance and is
frequently used as a quantitative measure of risk.
The coefficient of variation for sample data, CV = s / X
, is the ratio of the standard deviation of the sample to its mean (expected value of the
underlying distribution).
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