Statistics Homework Help

Relative frequency is the ratio of the number of times a specific event occurs to the total number of events. To find the relative frequency, follow these steps:

Count the frequency of each event or value.

Divide the frequency of each event by the total number of observations.

Formula:

For example, if a die is rolled 100 times, and the number 3 appears 15 times, the relative frequency of rolling a 3 is $\frac{15}{100}=0.15$ or 15%.

Variance measures how far each number in a data set is from the mean (average) and, therefore, from every other number in the set. It quantifies the degree of spread or dispersion in a data set. A higher variance means more spread out data, while a lower variance indicates that the data points are closer to the mean. The formula for variance is:

Where:

- $x_i$ is each value in the data set

- $\overline{x}$ is the mean of the data set

- $N$ is the number of data points

Variance is used in statistics to understand the volatility of a data set and is commonly used in finance to measure the risk or volatility of investments.

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