BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Standard deviation is a statistical measurement that looks at how far a group of numbers is from the mean. Put simply, standard deviation measures how far apart numbers are in a data set. This metric is calculated as the square root of the variance.

Detailed explanation-2: -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 explanation-3: -Answer: The value of standard deviation, away from mean is calculated by the formula, X = µ ± Z The standard deviation can be considered as the average difference (positive difference) between an observation and the mean. Explanation: Let Z denote the amount by which the standard deviation differs from the mean.

Detailed explanation-4: -Standard deviation measures the spread of a data distribution. The more spread out a data distribution is, the greater its standard deviation.

Detailed explanation-5: -Unlike range and interquartile range, variance is a measure of dispersion that takes into account the spread of all data points in a data set. It’s the measure of dispersion the most often used, along with the standard deviation, which is simply the square root of the variance.