📊📈🔍 Hey guys, let’s talk about measures of dispersion! 📊📈🔍
There are several measures of dispersion, including range, interquartile range (IQR), variance, standard deviation, and mean absolute deviation (MAD). Here’s how to calculate each one:
- Range: Subtract the smallest value from the largest value.
- IQR: Subtract the first quartile from the third quartile.
- Variance: Calculate the average of the squared differences between each value and the mean.
- Standard deviation: Calculate the square root of the variance.
- MAD: Calculate the average of the absolute differences between each value and the mean.
The standard deviation and variance are based on all of the values in the distribution. They take into account the distance between each value and the mean, which means they’re sensitive to outliers. The range and IQR are also based on all of the values in the distribution, but they only look at the minimum and maximum values or the quartiles, respectively. The MAD is also based on all of the values in the distribution, but it doesn’t use squared differences like the variance and standard deviation do.
Hope this helps you better understand measures of dispersion! 🤓📊📈