lightbulb Key Concepts

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1. Range

Difference between the maximum and minimum values.

2. Mean Deviation

The average of the absolute differences between each data point and the mean/median.

3. Variance and Standard Deviation

Variance (σ²) measures the average squared deviation from the mean. Standard Deviation (σ) is the positive square root of variance.

• Coefficient of Variation: (S.D. / Mean) × 100