The standard deviation is a measure of how far data points are spread out from the average value.
It tells you if your data is close to the mean or very different.
In this post, we will discuss what it means when calculating for number of heads that are tossed in 72 tosses and how to find the standard deviation for that set of data as well!
In the 72 tosses, there were 69 heads and only three tails. The standard deviation for this data set is 0.1568 or 16%.
This means that most of the data points are very close to the average value of 70% because all but one point falls within a range from 68-72/100 = 15%. In other words, they amounted to more than 60% since we would usually round up.
However, in comparison with similar sets of data where it was determined that 20 out of 36 coins had been tossed correctly (i.e., 56%), the difference between those two numbers is astonishing!
The lower number indicates less variation among its values; therefore, indicating higher accuracy as well as predictability about what might.