Standard deviation is commonly used to measure which type of risk in a data set?
Table of contents
- 1. Intro to Stats and Collecting Data1h 14m
- 2. Describing Data with Tables and Graphs1h 55m
- 3. Describing Data Numerically2h 5m
- 4. Probability2h 16m
- 5. Binomial Distribution & Discrete Random Variables3h 6m
- 6. Normal Distribution and Continuous Random Variables2h 11m
- 7. Sampling Distributions & Confidence Intervals: Mean3h 23m
- Sampling Distribution of the Sample Mean and Central Limit Theorem19m
- Distribution of Sample Mean - Excel23m
- Introduction to Confidence Intervals15m
- Confidence Intervals for Population Mean1h 18m
- Determining the Minimum Sample Size Required12m
- Finding Probabilities and T Critical Values - Excel28m
- Confidence Intervals for Population Means - Excel25m
- 8. Sampling Distributions & Confidence Intervals: Proportion1h 25m
- 9. Hypothesis Testing for One Sample3h 29m
- 10. Hypothesis Testing for Two Samples4h 50m
- Two Proportions1h 13m
- Two Proportions Hypothesis Test - Excel28m
- Two Means - Unknown, Unequal Variance1h 3m
- Two Means - Unknown Variances Hypothesis Test - Excel12m
- Two Means - Unknown, Equal Variance15m
- Two Means - Unknown, Equal Variances Hypothesis Test - Excel9m
- Two Means - Known Variance12m
- Two Means - Sigma Known Hypothesis Test - Excel21m
- Two Means - Matched Pairs (Dependent Samples)42m
- Matched Pairs Hypothesis Test - Excel12m
- 11. Correlation1h 24m
- 12. Regression1h 50m
- 13. Chi-Square Tests & Goodness of Fit2h 21m
- 14. ANOVA1h 57m
3. Describing Data Numerically
Standard Deviation
Problem 3.2.6
Textbook Question
In Exercises 5–20, find the range, variance, and standard deviation for the given sample data. Include appropriate units (such as “minutes”) in your results. (The same data were used in Section 3-1, where we found measures of center. Here we find measures of variation.) Then answer the given questions.
Super Bowl Ages Listed below are the ages of the same 11 players used in the preceding exercise. How are the resulting statistics fundamentally different from those found in the preceding exercise?
41 24 30 31 32 29 25 26 26 25 30
Verified step by step guidance1
Step 1: Identify the data set provided. The ages of the 11 players are: 41, 24, 30, 31, 32, 29, 25, 26, 26, 25, 30. These values will be used to calculate the range, variance, and standard deviation.
Step 2: Calculate the range. The range is the difference between the maximum and minimum values in the data set. Identify the maximum value (41) and the minimum value (24), then compute the range as: Range = Max - Min.
Step 3: Calculate the variance. First, find the mean (average) of the data set by summing all the values and dividing by the number of data points (n = 11). Then, for each data point, compute the squared difference from the mean. Sum these squared differences and divide by (n - 1) to get the sample variance. Use the formula: Variance = (Σ(xᵢ - mean)²) / (n - 1).
Step 4: Calculate the standard deviation. The standard deviation is the square root of the variance. Use the formula: Standard Deviation = √(Variance).
Step 5: Compare the measures of variation (range, variance, and standard deviation) to the measures of center (mean, median, mode) from the preceding exercise. Discuss how measures of variation provide information about the spread of the data, while measures of center describe the central tendency.
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Key Concepts
Here are the essential concepts you must grasp in order to answer the question correctly.
Range
The range is a measure of variation that represents the difference between the maximum and minimum values in a data set. It provides a simple way to understand the spread of the data, indicating how far apart the highest and lowest values are. For example, in the ages of the Super Bowl players, the range would be calculated by subtracting the youngest age from the oldest age.
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Variance
Variance quantifies the degree to which data points in a set differ from the mean of the set. It is calculated by averaging the squared differences between each data point and the mean. A higher variance indicates that the data points are more spread out from the mean, while a lower variance suggests they are closer together. This concept is crucial for understanding the distribution of the players' ages.
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Standard Deviation
Standard deviation is the square root of the variance and provides a measure of the average distance of each data point from the mean. It is expressed in the same units as the data, making it more interpretable than variance. A smaller standard deviation indicates that the ages of the players are clustered closely around the mean, while a larger standard deviation suggests a wider spread of ages among the players.
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