A rough definition of standard deviation is that it is a measure of expressing the observed variations about the average in statistical data i.e. by how much do the observed values vary from the mean. This video continues from the previous solved example and demonstrates the mathematical interpretation of the standard deviation that was calculated. We begin with stating the mean and standard deviation values and then calculating the upper and lower bounds of the data based on the standard deviation. This gives us the upper and lower limits, ideally within which, the observed variations from the mean should lie.
Want to master Microsoft Excel and take your work-from-home job prospects to the next level? Jump-start your career with our Premium A-to-Z Microsoft Excel Training Bundle from the new Gadget Hacks Shop and get lifetime access to more than 40 hours of Basic to Advanced instruction on functions, formula, tools, and more.