STATISTICS
CONTENT
(a) Definitions of: (i) Range, (ii) Variance, (iii) Standard deviation.
(b) Calculation of range, variance and standard deviation.
(c) Practical application in capital market reports; (i) Home (ii) Health studies (iii) Population studies.
DEFINITION AND CALCULATION OF RANGE
Measures of Dispersion
The measure of dispersion (also called measure of variation) is concerned with the degree of spread of the numerical value of a distribution.
Range: This is the difference between the maximum and minimum values in the data.
Examples 1:
Find the range of the data \(6, 6, 7, 9, 11, 13, 16, 21 \) and \(32\)
Solution: The maximum item is \(32\)
The minimum item is \(6\)
∴ Range \(= 32 -6 = 26\)
Example 2:
Find the range of the distributions below 65, 62, 62, 61, 61, 60, 60, 59, 58, 52
Solution: Range \(= 65 -52 = 13\)
Deviation from the mean:
If the mean of a distribution is subtracted from any value in the distribution, the result is called the DEVIATION of the value from the mean.
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