Discuss the importance of measuring variability for managerial decision-making.

Measuring variability is a critical component of quantitative analysis for managerial applications, as it provides insights beyond central tendencies like the mean or median. Variability refers to the extent to which data points in a dataset differ from each other and from the central value. For managers, understanding variability is essential for risk assessment, strategic planning, performance evaluation, quality control, and forecasting.

In managerial decision-making, variability helps assess the risk associated with different options. For example, two investment projects might have the same expected return, but if one has higher variability in returns, it indicates a higher risk. Standard deviation and variance are ____ _____ ______ _______ ________ ______ _______.
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