What is standard deviation?

In fact, a standard deviation from the mean will shed light on the essence of many of the processes in your business. It plays a decisive role in most statistical calculations.

The standard deviation illustrates the size of the scatter of what you measure (employee productivity, quantity of goods in stock, price differences) over time. The closer the deviation is to zero, the more reliable the data.

Imagine that you own two stores. In order to avoid losses, it is important that there is a clear control of stock balances.

In order to find out which of the managers is better at managing inventory, you may decide to analyze the quantity of goods in stock over the past six weeks. The standard deviation illustrates the size of the dispersion of goods in the warehouse. The closer the standard deviation to zero, the better the manager will cope with timely replenishment of the warehouse.


Statistics: Median value: 11.77304860891292
Mean value: 4.672649045155514
Standard deviation value: 208.6309021222295
Variance value: 43526.8533203353
The point at which 90% of the data is less than the value of this point: 277.5625112382542
Skew value on the x asis: -0.10779798691068257
Kurtosis value(the shape of the tail or how sharp the peak is): 0.058267479716521464

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