Question

A dataset representing the monthly sales (in thousands of dollars) for a small  business over the past 12 months: 
20,22,18,25,21,23,19,24,20,22,26,21 
Calculate the range, variance, and standard deviation for the given dataset of  monthly sales. Interpret the results in the context of the business's sales 
variability. 

07 Mar 2024
Answer :
Word Count : 443

To calculate the range, variance, and standard deviation for the given dataset of monthly sales, let's first find the necessary values:

  1. Range: The range is the difference between the maximum and minimum values in the dataset.
  2. Variance: The variance measures how spread out the numbers in the dataset are from the mean.
  3. Standard Deviation: The standard deviation is the square root of the variance and gives a measure of how spread out the numbers are in the dataset.

Given dataset: 20, 22, 18, 25, 21, 23, 19, 24, 20, 22, 26, 21

  1. Range:
    Maximum value = 26
    Minimum value = 18
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