STA301 Statistics and Probability GDB January 2013 Idea Solution
“It has been said “less the variability exist, the more an average is representative of a set of data”. Comment on the meaning of statement”.
The extent to which data points in a statistical distribution or data set diverge from the average or mean value. Variability also refers to the extent to which these data points differ from each other. There are four commonly used measures of variability: range, mean, variance and standard deviation.