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What is variability?
One of the foundations of the concept of risk and uncertainty

What does minimum variability mean?
There is no variability

Measures of variability are also called what?
Measures of dispersion

What are some examples of variability measures?
 Range
 Interquartile range
 Variance
 Standard deviation
 Coefficient of variation

What is the range?
Largest value  smallest value

What is the purpose of the interquartile range?
 Solves the problem of high and low extreme values
 Trimmed mean
 Represents central 50%

What is the interquartile range equation?
IQR = Q3  Q1

What is the variance?
The average squared deviations from the mean

What is the variance equation for a sample statistic?
Standard deviation (unsquared)

What is the variance equation of a population parameter?
Standard deviation (unsquared)

How is standard deviation measured?
Same units as the data

What does the coefficient of variation measure?
Indicates the extent of variation relative to the mean

What is the coefficient of variation equation?

If the coefficient variation (CV) > 100%, what does that mean?
High variation

If the coefficient variation < 100%, what does that mean?
Low variation

What is the skewness of a histogram where mean > median?
Positive or right skewness

What is the skewness of a histogram where the mean < median?
Negative or left skewness

What is the skewness of a histogram where the mean = median?
No skewness

