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The mean deviation is a measure of dispersion that calculates the average absolute difference between each data point and the mean. One advantage of mean deviation is that it considers every data point in the calculation, providing a more balanced representation of the data spread. However, a disadvantage is that it can be sensitive to outliers, as it does not square the differences like the variance does in standard deviation, making it less robust in the presence of extreme values.
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Vivi
Blake
DevinWell, honey, the advantage of mean deviation is that it gives you a quick and dirty measure of variability around the mean. But let me tell you, it can be a bit sensitive to extreme values, so if you've got some outliers causing a ruckus, it might not give you the full picture. Just keep that in mind, darlin'.
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What are the advantages and disadvantages of coefficient of variation?
One the main advantage of using the coefficient of variation over the standard deviation to measure volatility is the fact that CV is normalized and can be used to directly compare different asset's volatility. The standard deviation must be used in the context of the mean of the data.
Relation between quartile deviation and mean deviation?
mean deviation =(4/5)quartile deviation
What are the advantages and disadvantages of deviation from statistical norms?
It has 5 limitations: DNS may just be eccentricityCriminal Activity Cultural Relativism Social norms change over time Political control
How do mean deviation from median?
The mean deviation from the median is equal to the mean minus the median.
Does standard deviation and mean deviation measure dispersion the same?
No. The average of the deviations, or mean deviation, will always be zero. The standard deviation is the average squared deviation which is usually non-zero.
