Standard Deviation - Revision history

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-'''Standard deviation''' is a statistical measure that quantifies the amount of variation or dispersion in a set of data points. It indicates how spread out the data is from the average or mean value. A higher standard deviation implies greater variability, while a lower standard deviation indicates less variability. <ref>[https://en.wikipedia.org/wiki/Standard_deviation Standard deviation]</ref>
+'''Standard deviation''' is a statistical measure that quantifies the amount of variation or dispersion in a set of data points. It indicates how spread out the data is from the average or mean value. A higher standard deviation implies greater variability, while a lower standard deviation indicates less variability. <ref>[https://en.wikipedia.org/wiki/Standard_deviation Standard deviation Definition on Wikipedia]</ref>
 Key Concepts of Standard Deviation:
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-==See Also==
+== See Also ==
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 ==References==
 <references />

← Older revision		Revision as of 21:16, 31 May 2023
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−	~~In statistics, the standard~~ deviation is a measure of the amount of variation or dispersion of a set of ~~values~~.~~[1] A low standard deviation~~ indicates ~~that~~ the ~~values tend to be close to~~ the mean ~~(also called the expected~~ value~~) of the set~~, while a ~~high~~ standard deviation indicates ~~that the values are spread out over a wider range~~.<ref>[https://en.wikipedia.org/wiki/Standard_deviation Standard deviation]</ref>	+	'''Standard deviation''' is a statistical measure that quantifies the amount of variation or dispersion in a set of data points. It indicates how spread out the data is from the average or mean value. A higher standard deviation implies greater variability, while a lower standard deviation indicates less variability. <ref>[https://en.wikipedia.org/wiki/Standard_deviation Standard deviation]</ref>
		+
		+	Key Concepts of Standard Deviation:
		+
		+	#Mean: The mean, also known as the average, is the sum of all data points divided by the total number of data points.
		+	#Deviation: The deviation of each data point is the difference between that data point and the mean. It represents how much a data point deviates from the average.
		+	#Squaring the Deviations: To calculate the standard deviation, the deviations are squared to make them positive and emphasize larger deviations.
		+	#Variance: The variance is the average squared deviations from the mean. It measures the average squared distance between each data point and the mean.
		+	#Square Root: The standard deviation is obtained by taking the square root of the variance. It gives a measure of dispersion in the original units of the data.
		+
		+	The formula for Standard Deviation:
		+	The standard deviation is calculated using the following formula:
		+
		+	Standard Deviation = √(Σ(xi - x̄)² / n)
		+
		+	Where:
		+
		+	#xi represents each data point in the dataset.
		+	#x̄ is the mean of the dataset.
		+	#Σ denotes the sum of the squared deviations of each data point.
		+	#n is the total number of data points in the dataset.
		+
		+	Importance and Use of Standard Deviation:
		+
		+	#Measure of Dispersion: Standard deviation measures the spread or dispersion of data points around the mean. It indicates how much the data deviates from the average.
		+	#Risk Assessment: The standard deviation is used to measure risk in finance and investment. A higher standard deviation implies greater volatility or uncertainty in returns, indicating higher risk.
		+	#Quality Control: In manufacturing and process control, standard deviation helps monitor and control the variability of product characteristics, ensuring consistent quality.
		+	#Statistical Analysis: Standard deviation is widely used in statistical analysis and hypothesis testing to assess the significance of differences between groups or variables.
		+	#Normal Distribution: In a normal distribution, approximately 68% of the data falls within one standard deviation of the mean, 95% within two standard deviations, and 99.7% within three standard deviations.
		+
		+	Limitations of Standard Deviation:
		+
		+	#Outliers: Standard deviation is sensitive to outliers and extreme values that can significantly impact the calculation and interpretation of variability.
		+	#Sample Size: The standard deviation may not accurately represent the population variability for small sample sizes and can be subject to greater sampling error.
		+	#Skewed Data: Other measures like median absolute deviation or interquartile range may be more appropriate in skewed or non-normal data distributions.
		+
		+	Standard deviation is a versatile statistical measure used to analyze and interpret data variability. It helps understand the dispersion of data points and plays a vital role in various fields, including finance, quality control, and statistical analysis.

← Older revision		Revision as of 12:12, 20 January 2023
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	==See Also==		==See Also==
−	*[[Business Strategy\|Define Business Strategy]]	+
−	*[[IT Strategy (Information Technology Strategy)\|Definition of IT Strategy]]
−	*[[E-Strategy\|Define e-Business Strategy]]
−	*[[IT Governance\|Define Corporate Governance of Information Technology]]
−	*[[Enterprise Architecture\|Define enterprise architecture]]
−	*[[IT Sourcing (Information Technology Sourcing)\|What is IT Sourcing?]]
−	*[[IT Operations (Information Technology Operations)\|Define IT Operations]]
−	*[[Chief Information Officer (CIO)\|CIO]]

← Older revision		Revision as of 15:47, 6 December 2022
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−	~~'''Content Coming Soon'''~~	+	In statistics, the standard deviation is a measure of the amount of variation or dispersion of a set of values.[1] A low standard deviation indicates that the values tend to be close to the mean (also called the expected value) of the set, while a high standard deviation indicates that the values are spread out over a wider range.<ref>[https://en.wikipedia.org/wiki/Standard_deviation Standard deviation]</ref>
		+
		+
		+	==See Also==
		+	*[[Business Strategy\|Define Business Strategy]]
		+	*[[IT Strategy (Information Technology Strategy)\|Definition of IT Strategy]]
		+	*[[E-Strategy\|Define e-Business Strategy]]
		+	*[[IT Governance\|Define Corporate Governance of Information Technology]]
		+	*[[Enterprise Architecture\|Define enterprise architecture]]
		+	*[[IT Sourcing (Information Technology Sourcing)\|What is IT Sourcing?]]
		+	*[[IT Operations (Information Technology Operations)\|Define IT Operations]]
		+	*[[Chief Information Officer (CIO)\|CIO]]
		+
		+
		+
		+
		+	==References==
		+	<references />