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What is the formula revenue managers use to calculate their hotels' RevPAR?
Standard Deviations
A statistic that quantifies the dispersion or variability of a dataset relative to its mean, indicating how spread out the numbers are.
Covariance
A measure of how two random variables change together, indicating the direction of their linear relationship (positive, negative, or zero).
Coefficient of Correlation
A statistical measure that calculates the strength and direction of the relationship between two variables, ranging from -1 to 1.
Interquartile Range
A measure of variability based on dividing a data set into quartiles; it represents the range between the first and third quartile, excluding outliers.
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