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Meaning of standard deviation
The measure which helps to identify the proportion of dispersion or variation of a set of values in statisticsis called standard deviation. When there is a deviation of low standard, the data points fall close to the value expected whereas when the deviation is of high standard, the points of data get spread over a value range that is wide. Apart from showing the population variability, the standard deviation is also used for measuring the confidence of conclusions of statistics. Students can feel free to check our standard deviation homework solutions to know more about standard deviation.
Where standard deviation is applied
- Many a times the principle of standard deviation is used for comparing a model with real life examples to check the capability of the model.
- In financial applications, the method of standard deviation is utilized for measuring the several risks that are possible with respect to specific assets, fluctuations of price etc. financial risks are an essential feature in successful working of companies. Thus the concept of standard deviation is very important and students should take proper guidance from experienced faculties. They can easily check out standard deviation assignment solutions for assistance.
- The concept of standard deviation is also used for understanding the daily temperature ranges for different cities.
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