standard deviation Flashcards
What is the Range?
The difference between the maximum and minimum values in a dataset.
What is the Mean Deviation?
The average of the absolute differences between each data point and the mean of the dataset.
What is the Variance?
The average of the squared differences from the mean.
What does standard deviation measure?
The spread or dispersion of data points around the mean.
What does a small standard deviation indicate?
Data points are clustered closely around the mean.
What does a large standard deviation indicate?
Data points are more spread out from the mean.
What is the first step in calculating standard deviation?
Calculate the mean (M).
After calculating the deviations, what’s the next step?
Square the deviations.
What is variance?
The sum of squared deviations divided by the number of data points.
How do you calculate standard deviation from variance?
Take the square root of the variance.
What does a large range of waiting times indicate?
High variability, inconsistency, unpredictability, and potential inefficiencies.
Is the range the best measure of dispersion for waiting times? (Yes/ No)
No
What does the standard deviation measure?
How much individual data points (like waiting times) deviate from the average (mean).
What does a high standard deviation of waiting times indicate?
Greater variability in waiting times.
