Statistical Measures

Definition

Statistical measures refer to various calculations used to summarize and describe datasets. They provide insights into central tendencies (mean, median), dispersion (range, standard deviation), shape (skewness), and relationships (correlation).

Related terms

Mean: The mean is the average value obtained by summing all values in a dataset and dividing it by the number of observations.

Median: The median represents the middle value in an ordered set of data; it divides the data into two equal halves.

Range: The range refers to the difference between the maximum and minimum values in a dataset.