Standard Deviation

Definition

The standard deviation measures the average amount of variation or dispersion in a set of data. It tells us how spread out the values are from the mean.

Related terms

Variance: Variance is another measure of variability that represents the average squared difference between each value and the mean.

Range: Range is a simple measure of variability that calculates the difference between the maximum and minimum values in a dataset.

Interquartile Range (IQR): IQR measures the spread of data by calculating the range between the first quartile (25th percentile) and third quartile (75th percentile).