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How widely spread out, or tightly concentrated about the mean the observations are.

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Q: What do both variance and the standard deviaton tell you about distribution?
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Why is the standard deviation of a distribution of means smaller than the standard deviation of the population from which it was derived?

The reason the standard deviation of a distribution of means is smaller than the standard deviation of the population from which it was derived is actually quite logical. Keep in mind that standard deviation is the square root of variance. Variance is quite simply an expression of the variation among values in the population. Each of the means within the distribution of means is comprised of a sample of values taken randomly from the population. While it is possible for a random sample of multiple values to have come from one extreme or the other of the population distribution, it is unlikely. Generally, each sample will consist of some values on the lower end of the distribution, some from the higher end, and most from near the middle. In most cases, the values (both extremes and middle values) within each sample will balance out and average out to somewhere toward the middle of the population distribution. So the mean of each sample is likely to be close to the mean of the population and unlikely to be extreme in either direction. Because the majority of the means in a distribution of means will fall closer to the population mean than many of the individual values in the population, there is less variation among the distribution of means than among individual values in the population from which it was derived. Because there is less variation, the variance is lower, and thus, the square root of the variance - the standard deviation of the distribution of means - is less than the standard deviation of the population from which it was derived.


If outliers are added to a dataset how would the variance and standard deviation change?

They would both increase.


What does a probability distribution with high variance indicates?

There are several things that will cause a large variance. One would be a large spread in the data; the other is the data may contain an outlier(s) that is causing it or a combination of both.


How does the standard normal distribution differ from the t-distribution?

The normal distribution and the t-distribution are both symmetric bell-shaped continuous probability distribution functions. The t-distribution has heavier tails: the probability of observations further from the mean is greater than for the normal distribution. There are other differences in terms of when it is appropriate to use them. Finally, the standard normal distribution is a special case of a normal distribution such that the mean is 0 and the standard deviation is 1.


Can expected values be infinite how about variance?

The answer to both questions is yes.