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01: Making Sense of the Spread: What are Standard Deviation and Variance?
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Struggling with standard deviation and variance? Not much longer!
In this episode, I demystify these statistical measures, and explain their definitions, calculations, and interpretations. I clarify the difference between using "n" and "n – 1" in variance calculations and emphasize the importance of understanding these concepts for effective data interpretation.
Through relatable examples, I empower you to grasp these fundamental ideas, making statistics feel approachable and manageable!
Here is what’s in store for you in this podcast:
I'll tell you what standard deviation and variance are
Where they belong in statistics
Why there is no standard deviation without a variance
How to calculate and interpret them
When to divide by n and when to divide by n – 1
TIMESTAMPS
Standard Deviation and Variance Overview (00:01:23)
Discussion on the significance of standard deviation and variance in descriptive and inferential statistics.
Understanding Dispersion (00:02:39)
Explanation of how standard deviation and variance quantify the spread of values around the mean.
The Relationship Between Variance and Standard Deviation (00:03:57)
Clarification on why variance is necessary for calculating standard deviation.
Calculating Variance and Standard Deviation (00:05:02)
Step-by-step guide on how to calculate variance and standard deviation.
Importance of Squaring Deviations (00:06:11)
Explanation of why deviations are squared to avoid cancellation in calculations.
Metric Data Requirement (00:08:43)
Standard deviation and variance can only be applied to metric data, not nominal variables.
Dividing by n versus n – 1 (00:10:05)
Clarification on when to divide by n or n –1 in variance calculations.
Interpreting Variance and Standard Deviation (00:12:42)
Discussion on the interpretation of variance and how to interpret standard deviation with examples.
Standard Deviation Context (00:14:02)
Example illustrating how to interpret standard deviation in relation to a specific scale.
Summary of Key Concepts (00:16:36)
Recap of the differences and applications of standard deviation and variance in statistics.
LINKS:
TRANSCRIPT
STATISTICS COMPASS
https://statisticssimplyexplained.com/stats-compass/
BLOG POST “STANDARD DEVIATION AND VARIANCE SIMPLY EXPLAINED”
https://statisticssimplyexplained.com/standard-deviation-variance-simply-explained/
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