From the course: Excel Statistics Essential Training: 1
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Standard deviation - Microsoft Excel Tutorial
From the course: Excel Statistics Essential Training: 1
Standard deviation
- [Presenter] Means medians and modes, max and min! They provide us some helpful information about our dataset. They help us identify the size, shape, and center of our dataset, but they definitely have their limitations, especially with large datasets. For example, as you can see, one massive rogue data point could create a huge range for a dataset that otherwise had limited variability, this is where standard deviation comes into play. Standard deviation is a measure of variation, it tells us how dispersed our data is from the mean, in other words, using a formula, it quantifies how far data point number one is from the mean. And then data point number two's distance from the mean and so on. A low standard deviation tells us the data points are mostly very close to the mean. A high standard deviation is trying to tell us the data points are all very spread out. So you're probably wondering how do we calculate standard deviation? Well, to find the standard deviation, we must first…
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