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Sir if a standard deviation is 2.6789
Then
What does that implySecondly
Should the standard deviation be closer to one ? Or far away from one
Which is better ?On its own it implies nothing. It is simply a measure of the average spread of the distribution.
The lower the standard deviation then the less the spread is (if it is 0 then there is no spread at all). The higher the standard deviation then the more the spread. It is not a question of being better or worse. ‘1’ is of no relevance whatsoever.
Everything needed for the exam in respect of all of this is explained in my free lectures.
What is the benefit for the company by knowing what a standard deviation is sir
They can then estimate the probability of different things happening as I explain the the lectures on the normal distribution.
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