Measuring Spread with Variance and Standard Deviation
Two common ways to measure how spread out our data is are Variance and Standard Deviation.
These two measures tell us how far, on average, each data point deviates from the group's mean (average).
- If the Variance or Standard Deviation value is small, it means the data points in the group tend to be uniform or similar, clustering close to the mean value.
- If the value is large, it means the data points are more varied or diverse, spreading further away from the mean value.