Standard deviation is a reliable (and commonly used) measure of variation. Standard deviation
essentially describes the average distance that each data value is away from the mean.
Computing standard deviation by hand can be complicated so you are asked to use Excel to
calculate it for this project. You will also calculate the Range Rule of Thumb (RROT). The
RROT is based on the insight that the range is often approximately four times as large as the
standard deviation. This insight enables you to quickly estimate the standard deviation of a data
set quickly. Lastly, you will calculate the percentage error of each data set. Percent error is the
difference between estimated value (RROT) and the actual value (standard deviation) in
comparison to the actual value and is expressed as a percentage.
INSTRUCTIONS
This assignment will be completed in two parts: Data Sets and Summary. After completing the
computations for the Data Sets, you will summarize what you have learned by answering the
questions after the data sets. See both sections below to find more informationStandard deviation is a reliable (and commonly used) measure of variation. Standard deviation
essentially describes the average distance that each data value is away from the mean.
Computing standard deviation by hand can be complicated so you are asked to use Excel to
calculate it for this project. You will also calculate the Range Rule of Thumb (RROT). The
RROT is based on the insight that the range is often approximately four times as large as the
standard deviation. This insight enables you to quickly estimate the standard deviation of a data
set quickly. Lastly, you will calculate the percentage error of each data set. Percent error is the
difference between estimated value (RROT) and the actual value (standard deviation) in
comparison to the actual value and is expressed as a percentage.
****See attachment for assignment instructions and question*****
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