Economics majors usually endure subjects that talks about standard deviation. Well then, there must not be many questions about this. Standard deviation is actually a significant key in interpreting statistical data and the mean itself. This topics are well studied by economics majors in order to acquire reliable data which we can base significant researches, monitor economic development, as well as compare the status of the country with at present to the previous years.
However, the steps on how to find standard deviation may be challenging that most complain about it. In truth, the generosity of the geniuses and the availability of the third media have actually helped students and even ordinary people solve their dilemma or best aid their way to get accurate answers. This fact must not actually worry students anymore.
Finding Standard Deviation Manually
Most teachers usually require just a pen and paper on desk to solve a problem on the board. In this case, all you have to do is to follow the steps in calculating for the standard. For instance, in a situation where the teacher asks the process on how to find the standard deviation for 4, 9, 11, 12, 17, 5, 8, 12, 14 just remember the following steps.
• Get the mean. Add all the numbers and divide them base on how many they are.
• Subtract the mean from each of the number
• Square the deviation- this the list of numbers as a result from subtraction
• Add the squares, these are the answers to the squares
• Divide the number less than one
• Square root the answer and whatever shows after doing such is the standard deviation
Finding the Standard Deviation through Calculator
Another technique to find the standard deviation is through the use of calculator. Using calculator is the easiest way to calculate the standard deviation. All you have to know the signs in the calculator and follow the methods of calculations. The following are steps on how to calculate standard deviation using Casio FX 115 ES.
• Press the mode button
• Press 3 for stat
• Press 1 for 1-VAR
• Enter the data such as 11, 12, 17, 5, 8, 12, 14
• Press SHIFT 1 for (STAT)
• Press 5 for VAR
• Press 3 for population standard deviation or press 4 for sample standard deviation
• Press 2 to get the mean
The Importance of Accuracy
In economics, the steps on how to find standard deviation must be followed strictly to arrive in an accurate and accountable result. Although, it the answer might just be an expected or estimated amount of real statistics, the most important is that the answer is accurate because you have followed the correct formula. It should be noted that getting the correct answers through reliable calculations will help interpret statistical data. For instance, finding the standard deviation among Americans entails a serious research and tough data gathering. It should also be realized that the point of standard deviation is to measure the dispersion between the given data set. Hence, in the United States wherein the height of Americans is 70 inches with a standard deviation of 3 inches would mean that almost 68 percent of the population have a height less than or more than of the mean, that is 67 inches to 73 inches.