Briefly Describe How Variance Is Calculated from the Standard Deviation

question 34

Essay

Briefly describe how variance is calculated from the standard deviation. Why is the variance harder to interpret? How would you interpret both a large and a small standard deviation?

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Definitions:

Skepticism

The practice of questioning the validity or authenticity of certain knowledge claims without taking them at face value.

Plausibility

The quality of seeming reasonable or probable.

Fiduciary Relationship

A legal and ethical relationship of trust between two or more parties, typically involving a caretaker and a beneficiary.

Expert

Refers to someone who is both experienced and learned in a given subject matter area or professional practice field.