Explain Minimum, Maximum, Range, Variance, and Standard Deviation

question 4

Essay

Explain minimum, maximum, range, variance, and standard deviation.

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Definitions:

Therblig

A basic motion element used in motion study to analyze the physical movements needed to perform a manual operation or task.

Labour Standard

A set benchmark or norm regarding the amount of labor time required to perform a specific task.

Confidence Level

A statistical measure expressed as a percentage that represents how often the true population parameter would fall within a specified range in repeated sampling.

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean, used to indicate the degree of variation.