What are the uses of measures of dispersion?
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Hereof, why do we use measures of dispersion?
While measures of central tendency are used to estimate "normal" values of a dataset, measures of dispersion are important for describing the spread of the data, or its variation around a central value. Two distinct samples may have the same mean or median, but completely different levels of variability, or vice versa.
Furthermore, what is the meaning of measures of dispersion? Classification of Measures of Dispersion The measures which express the scattering of observation in terms of distances i.e., range, quartile deviation. The measure which expresses the variations in terms of the average of deviations of observations like mean deviation and standard deviation.
Keeping this in consideration, what are the common measures of dispersion?
Common examples of measures of statistical dispersion are the variance, standard deviation, and interquartile range. Dispersion is contrasted with location or central tendency, and together they are the most used properties of distributions.
What is the best measure of dispersion?