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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