Variability refers to the spread or dispersion of data points in a dataset. It measures how much the values differ from each other.
Think of variability as a group of friends going to a party. If everyone arrives at different times and in different outfits, there is high variability. But if everyone arrives at the same time and wearing similar clothes, there is low variability.
Range: The range is a measure of variability that calculates the difference between the maximum and minimum values in a dataset.
Standard Deviation: Standard deviation is another measure of variability that quantifies how much individual data points deviate from the mean.
Interquartile Range (IQR): IQR measures the spread of data by calculating the difference between the third quartile and first quartile values. It focuses on the middle 50% of data points, ignoring outliers.
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