Learn how to use variance, a key statistical method, to measure dispersion in data sets containing actual and projected sales figures. Gain insights into data spread for effective Q4 2019 sales analysis.
Table of Contents
Question
A data analyst has received a data set that contains actual and projected sales for the fourth quarter of 2019. Which of the following statistical methods should the analyst use to find the measure of dispersion?
A. Mean
B. Variance
C. Correlation
D. Confidence interval
Answer
B. Variance
Explanation
Variance is the appropriate statistical method to find the measure of dispersion in the given data set containing actual and projected sales for Q4 2019. Variance quantifies how far each value in the data set is from the mean, providing insight into the spread of the data points. A higher variance indicates the data is more spread out from the mean, while a lower variance suggests the data clusters closely around the mean.
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