BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]


Range


Interquartile Range


Variance


Standard deviation

Detailed explanation1: Variability can also be defined in terms of how close the scores in the distribution are to the middle of the distribution. Using the mean as the measure of the middle of the distribution, the variance is defined as the average squared difference of the scores from the mean.
Detailed explanation2: The most common measure of variation, or spread, is the standard deviation. The standard deviation is a number that measures how far data values are from their mean.
Detailed explanation3: Measures of Variability: Variance The variance is a measure of how close the scores in the data set are to the mean. The variance is mainly used to calculate the standard deviation and other statistics.
Detailed explanation4: The variance and the standard deviation are measures of the spread of the data around the mean. They summarise how close each observed data value is to the mean value. In datasets with a small spread all values are very close to the mean, resulting in a small variance and standard deviation.
Detailed explanation5: The standard deviation is the most commonly used and the most important measure of variability. Standard deviation uses the mean of the distribution as a reference point and measures variability by considering the distance between each score and the mean.