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.
To calculate the range, variance, and standard deviation for the given dataset of monthly sales, let's first find the necessary values:
- Range: The range is the difference between the maximum and minimum values in the dataset.
- Variance: The variance measures how spread out the numbers in the dataset are from the mean.
- 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
-
Range:
Maximum value = 26
Minimum value = 18
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