Measures of variability are used to describe the degree of dispersion of observations around a central tendency index.
In other words, measures of variability allow us to assess how data are spread around a central value, which may be represented, for example, by the mean or the median. They provide valuable information about the distribution of data, enabling a better understanding of the phenomenon under observation.
The techniques for measuring the variability of datasets are numerous. Among them, the most widely known (and most commonly used) are:
- the range
- the mean deviation and the variance
- the standard deviation
- the coefficient of variation
We will also visualise the concepts of central tendency and dispersion by revisiting skewness and introducing the concept of kurtosis.
Continue reading “Descriptive Statistics: Measures of Variability (or Dispersion)”