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What is Standard Deviation?

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Standard Deviation is a measure of the amount of variation or dispersion in a set of values. A low standard deviation means that the values tend to be close to the mean, while a high standard deviation means that the values are spread out over a wider range.

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What does MAD stand for in statistics?

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MAD stands for Mean Absolute Deviation, which is a measure of the average distance between each data point and the mean of the data set.

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How do you calculate the Mean Absolute Deviation (MAD)?

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1. Find the mean of the data set. 2. Calculate the absolute differences between each data point and the mean. 3. Find the mean of those absolute differences.

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What is the first step in calculating Standard Deviation?

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The first step is to find the mean (average) of the data set.

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What does a higher Standard Deviation indicate about a data set?

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A higher Standard Deviation indicates that the data points are more spread out from the mean, showing greater variability.

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If two data sets have the same mean, can they have different Standard Deviations?

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Yes, two data sets can have the same mean but different Standard Deviations, indicating different levels of variability.

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What is the relationship between Standard Deviation and data spread?

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Standard Deviation quantifies how much the data points deviate from the mean, thus indicating the spread of the data.

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What is the second step in calculating the Mean Absolute Deviation?

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The second step is to find the distance each value is from the mean.

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If the ages of employees at Company A are closer together than those at Company B, what can be said about their Standard Deviations?

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Company A likely has a lower Standard Deviation compared to Company B, indicating less variability in ages.

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What is the formula for calculating Standard Deviation?

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The formula is: SD = sqrt(Σ(xi - μ)² / N), where μ is the mean, xi are the data points, and N is the number of data points.