Today I learned about the Measure of Spread, and honestly, this is where data starts to feel real.
While the mean or median tells us the center of the data, the measure of spread tells us how scattered the data is.
Two datasets can have the same average but be completely different in real life, one can be stable while the other is very unpredictable. That difference is revealed by the spread.
Measures of spread include:
Variance
Standard Deviation
Interquartile Range (IQR)
In the real world, this is very important because it helps us:
Measure risk and volatility in finance
Assess consistency in performance
Detect outliers and unusual values
Make better business, health, and economic decisions
See you again tomorrow!
-SP 🤍
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