A measure of variation that is easy to understand and compute through the sample is called:

Prepare for the Advanced Business Analytics Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

The correct answer is the Range, which is a straightforward measure of variation in a dataset. It is calculated by subtracting the smallest value in the dataset from the largest value. This simple calculation gives a quick snapshot of how spread out the values are.

The Range is particularly easy to compute and does not require complex calculations like some other measures of dispersion. It is often used in initial data analysis to provide a basic understanding of the variability within a dataset. Its clarity and ease of interpretation make it a useful tool, especially for quick assessments.

While the other options like Interquartile Range, Standard Deviation, and Variance provide additional insights into variability, they involve more complex calculations. For example, the Interquartile Range focuses on the middle 50% of data, which is less intuitive for understanding overall spread. Standard Deviation and Variance involve squaring deviations from the mean, which can complicate interpretation for those unfamiliar with statistical concepts. Thus, in contexts requiring simplicity and ease of computation, the Range is the best choice.

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