Question

Why do you think measuring the variability of a data set is important?

Describe what a standard deviation is conceptually. How would you use it in your daily life or in your job now? Please provide short examples.

Answer 1

Consider two data

1. 50,60,70,80,90

2. 60,65,70,75,80

Both the data has mean 70. If we only study data using mean these two data sets are same.

Here, come the variability into the picture.

The first data has high variability and the second has lesser.

So, this helps us understand the natures of the data set in case of large data set.