Standard Deviation Calculator is a tool that is mainly used in statistics to calculate the standard deviation from the data, the standard error, the percentiles, the range, the COV, confidence limits or a covariance matrix. It measures the variation or dispersion between values in a set of data based on the distribution's extent of stretching or squeezing. As per the lower standard deviation, the closer the data points tend to be to the mean or expected value. On the other hand, the higher standard deviation indicates a wide range of values.
Standard deviation can be used in different statistical and maths assignments to express population variability, measure the confidence interval approximation, measure statistical results like margin of error etc.
Ø What are the applications of Standard Deviation?
· It is widely used in experimental settings.
· It is applied in industrial settings to test models against real-world data. For example, it is used for the quality control purpose to test products.
· It is used to calculate a minimum and maximum value within which some product should fall some high percentage of the time. If the value falls outside the calculated range, it is necessary to make changes in the production process to maintain the required quality.
· It is also applied to determine the weather differences in regional climate.
· Standard deviation is regularly used in the finance sector to measure the associated risk in price fluctuations of some asset or portfolio of assets. It helps to provide an estimate of the uncertainty of future returns on a given investment. For example, it helps compare stock X that offers a return of 7% with a standard deviation of 10% against stock Y with the same average return but a standard deviation of 50%. So, stock X would be the safer option because the standard deviation of stock Y is higher for the same return. But that does not mean that stock X is a better investment option in this case since standard deviation can take an oblique position in either direction. So, while stock X has a higher probability of an expected average return closer to 7%, stock Y can probably give a significantly greater return or a loss.
While you are report writing using a standard deviation calculator, the students need to know how far from the mean a typical value from distribution can be to help and measure the calculation.
Ø What is the standard deviation calculator formula?
Students for their maths and statistical concepts, can use standard deviation. The formula for Standard Deviation is,
You can use the easy tabular method to calculate the small calculations of sample standard deviation. But to calculate the large set of data, use the standard deviation calculator. The school students can easily use this calculator to generate the work, verify the results and complete their homework efficiently.
Ø How to use a standard deviation calculator?
Even if you are not tech-savvy, using the sample standard deviation method or general standard deviation, you can calculate the standard error of the mean. Follow the steps mentioned below:
· Put the numbers in the respective field, separated by a comma.
· Now click on the 'solve' button to get the result.
· The calculator, using the arithmetic mean of a sample, will produce the mean. It also calculates the square of the sample standard deviation and gets magnitude known as variance and standard deviation for the given set of data in the output field. Voila! It's done.
These mean and variance values can be of benefit for further solving problems and applications.