In: Statistics and Probability
Variability :
Variability is used to observe the spread of the data set and
variability shows how much the data varying from the central value.
Variability is also referred to as dispersion. Variability is used
to compare the data set with other data sets.
Measures of variability:
The measures of variability are given below:
• Range
• Inter-quartile range
• Standard deviation
• Variance
Range:
The range is obtained by subtracting the lowest value from the
highest value in the set of data.
Formula for range:
Range = L – S. Here, L is largest value and S is the smallest value
in the data set.
Example:
Find the range for following values:
Data values: 10, 9, 25, 59, 1, 36, 62, 49, 71 and 38.
Here, the largest value is 71 and the smallest value is 1.
Hence, the range is,
Thus, the range for the given values is 70.
Inter-quartile range:
Inter-quartile range is obtained by subtracting the first quartile
from the third quartile.
Formula for inter-quartile range is .
Here, Q3 represents the third quartile and Q1represents the first
quartile.
Quartiles:
Values which divide the data into four parts are called as
quartiles. These quartiles include a lower quartile (Q1), a median
(Q2) and an upper quartile (Q3).
Standard deviation and Variance:
Both the standard deviation and the variance are based on how much
each observation deviates from a central point (mean). In general,
the greater the distances between the individual observations and
the mean, the greater the variability of the data set. Standard
deviation is called as root mean square deviation. It is denoted by
σ. Moreover, the variance is obtained by squaring the standard
deviation. Usually the variance denoted by σ2.
Formula for standard deviation is, .
Formula for variance is,
.