Explore the fundamentals of simple statistical analysis in data analytics : standard deviation with the aid of graphs.
Standard deviation is a measure of the amount of variation or dispersion in a set of values. It provides insight into the spread or distribution of data points in a dataset. A low standard deviation indicates that the data points tend to be close to the mean (average) of the set, while a high standard deviation indicates that the data points are spread out over a wider range of values.
Standard deviation has various real-life business applications across different industries. Here are some specific use cases where standard deviation plays a crucial role:
Stock Market Analysis:
Sales Forecasting and Demand Planning:
Quality Control and Manufacturing:
Customer Satisfaction and Service Quality:
Human Resources and Employee Performance:
We are using a sample data of an E-Comm firm operating in India and below is a Snap shot of the data.
Fig. 1 : Snapshot of the Data in .CSV file
Login in to your Free Talktodata.AI account and upload the data set. Below is the screenshot for reference.
Fig.2 : Steps to Login and Upload the sample data file
Step 2:
Asking the Tool to perform the Analysis. For example, i'm using the command
"can you give me the standard deviation of monthly sales amount of all the shipped orders?"
Fig. 3: Asking the Query
There you have your standard deviation values Calculated in less than a minute.To ensure accurate results, it's important for us to ask the right questions.
Here is a simple guide on how to ask the right questions
Now go-ahead and start your AI Assisted Data Analytics Journey.
Click here to Download the sample data set.
For any queries or support, please visit https://talktodata.ai/