GATE (Graduate Aptitude Test in Engineering) Economics (XH-C1) Statistics, Econometrics and Mathematical Economics-Probability Theory Study Material (Page 6 of 65)

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Standard Deviation and Variance

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Standard Deviation and Variance

Variance

  • Variance is another measure of dispersion.
  • The term variance was first used in 1918, by R. A Fisher.
  • It is known as the square of the standard deviation.

Formula

Sample Variance or

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Types of Mean

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Types of Mean

  • There are different types of mean such as arithmetic mean, weighted mean, geometric mean (GM) and harmonic mean (HM) .
  • If without mentioned an adjective (as mean) , it commonly refers to the arithmetic mean.

Relationship between AM, GM and HM

  • AM, GM and HM satisfy these inequalities:
  • Equality holds only when all the elements of the given samples are equal.

Ar…

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