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Emma and Jessica work together and both want to increase sales at their company. Emma argues this is best achieved by investing in research and development so they can create the best possible products. Jessica believes that increasing their sales force is the way to go.
-Which of the following most accurately describes this situation?
Measure of Variability
Statistical indicators that describe the spread or dispersion within a data set, such as range, variance, or standard deviation.
Range
A measure of variability, defined to be the largest value minus the smallest value.
Midrange
The statistical measure that calculates the average of the maximum and minimum values in a data set, giving a rough estimate of the data's central tendency.
Standard Deviation
An evaluation metric for the amount of variation or distribution in a set of numerical values.
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