Range and Standard Deviation | Measures of Dispersion | Statistics and Data Analysis Video
Range and Standard Deviation | Measures of Dispersion | Descriptive Statistics | Statistics and Data Analysis
VARIABILITY or DISPERSION
Variability describes, how data are spread out and fluctuate around their mean value. Variability depends on two factors; the Spread of the data and the fluctuation of the data around the mean value. The spread of the data can be described by the difference between the maximum and minimum value also known as the range.
Variability is the major concern for quality-related issues; Higher variability implies poor quality of product or service. The concept of Six Sigma is based on variability.
Measures of Variability
The two important measures of variability are Range and Standard Deviation.
RANGE
The range is described as the difference between the largest value and the smallest value of the data given. The range provides knowledge of the spread of the data. It helps to maintain the precision of the data.
STANDARD DEVIATION
Standard deviation measures the fluctuation of the data around the mean value of the data given. Standard deviation is the second-order average and it is denoted by the Greek letter ‘σ’. The higher the value of Sigma (σ) means the greater the variability.
In mathematical terms, the standard deviation is given by the squared deviation of each data value from the mean value divided by the number of observations.
MEAN AND STANDARD DEVIATION
Under the normal curve
• 68.26% of observations lie between Mean +/- 1σ
• 95.45% of observations lie between Mean +/- 2σ
• 99.73% of observations lie between Mean +/- 3σ
VARIANCE
Variance is given by the square of the standard deviation.
Coefficient of Variation (C.V.)
The coefficient of Variation is the relative measure of the variability. It is widely used in comparing two or more data series. Greater the value of C.V. greater the variability of the data series.
CHAPTERS
0:00 Introduction
1:00 Variability
2:06 Factors of Variability
2:45 How Important to Understand About Variability
4:34 Range
6:54 Formula for Calculation
7:45 Relation between Mean and Standard Deviation
9:16 Example
12:22 Variance
12:42 Coefficient of Variation
13:34 Recap
#measuresofdispersion #statistics #standarddeviation #range #statisticalanalysis #leansixsigma #statisticstutorials
RELATED VIDEOS AND PLAYLISTS
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• Measurement Scales https://www.youtube.com/watch?v=xYa2H0v2ins&t=112s
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• Utility of Correlation https://www.youtube.com/watch?v=mnNGaXqRsDM
• Spearman’s Rank Correlation https://www.youtube.com/watch?v=hQVlVqj42qc
• Probable Error https://www.youtube.com/watch?v=13btlf1MJFU
• Coefficient of Determination in Excel https://www.youtube.com/watch?v=3EyCOu-rxD8
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• Type 1 and Type 2 Errors https://www.youtube.com/watch?v=J9HPugGlcRI
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• Chi-Square Test https://www.youtube.com/watch?v=zrEKEarHUVY
• ANOVA Two-way without replication https://www.youtube.com/watch?v=ER8kCsiRCQo
►Watch Playlist https://www.youtube.com/watch?v=SLEFwWpaFhk&list=PL2H1lLi34F
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