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Question 1 (2 points)
What are measures of variance and what kind of information do they give us when working with sets of numbers?
B



It is a single number used to describe how much variation there is in a distribution.
Information on how scores are spread from the center of a distribution

Ask by Curry Park. in the United States
Mar 26,2025

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Answer

Measures of variance, like variance and standard deviation, show how much the numbers in a set differ from the center. They tell us about the spread of data, consistency of scores, and how much variability there is in the distribution.

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Bonus Knowledge

Measures of variance, like the variance itself and standard deviation, tell us about the spread of data points around the mean. A low variance indicates that the numbers are close to the average, while a high variance suggests that they are spread out over a wider range. This helps analysts understand the reliability and consistency of the data in a given set.
In real-world applications, knowing the variance can aid in decision-making. For instance, businesses use variance to assess the risk associated with financial investments. A low variance in sales figures might indicate predictability, whereas high variance could alert management to possible future fluctuations in revenue, prompting them to devise more flexible strategies.

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