Range of variation

“The acceptable parameters of variance between actual performance and a standard” are called the range of variation.

There are some measures of variation. These are statistical procedures for describing- how spread out the data is. They describe a distribution’s width. They are also called measures of spread/dispersion. These are range, interquartile range, standard deviation, and variance.

Range refers to a single number that represents the spread of the data. It is the simplest among the measures of variation. A dataset’s range is the difference between the maximum value and the minimum value in the dataset. It is mostly affected by outliers because it uses extreme values only.

Interquartile range (IQR) indicates the middle fifty percent of the values, ordered from the lowest to the highest value. Variance is the values’ average squared difference from the mean. Standard deviation measures how much data values vary away from the mean. Larger the standard deviation, the larger the amount of variation. It is the square root of the variance.

The range of variation’s estimates put a number to the common range of variation, not depending on sample size. The most common manner for describing the range of variation is the standard deviation.

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