Question

What are the statistical parameters used to understand the process spread or dispersion? Explain schematically

Answer 1

Spread or dispersion is the extent to which a distribution is stretched or squeezed. Common examples of measures of statistical dispersion are the variance, standard deviation, and interquartile range....While measures of central tendency are used to estimate "normal" values of a dataset, measures of dispersion are important for describing the spread of the data, its variation around a central value. .....

Two distinct samples may have the same mean or median, but completely different levels of variability, ...and vice versa....

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