So here we're going to say that our standard deviation measures how close data results are in relation to the mean or average value. Basically, the smaller your standard deviation is, the more precise your measurements will be in relation to the mean or average value. So here, the formula for standard deviation is \( s \) which stands for standard deviation equals the square root. And here we have the summation of our measurements minus our average squared, divided by \( n - 1 \). In terms of this equation, we're going to say here that \( x_i \) represents an individual measurement that we're undertaking in terms of our data set.
We're going to say that our average or mean value is represented by \( \overline{x} \). Variance is just our standard deviation squared. Later on, when we get more into statistical analysis, we'll see that the \( F \)-test has a close relationship to the variance of our calculations. Next, we have \( n \) which represents our numbers of measurements, and \( n - 1 \) represents our degree of freedom. Finally, we have our relative standard deviation also called our coefficient of variation.
That is just our standard deviation divided by our mean or average value times 100. So, at some point, we're going to run to using one of these variables in terms of the standard deviation equation. Just remember, the smaller your standard deviation is, the more precise all your measurements are within your data set. Now, your measurements can be precise but that doesn't necessarily mean they will be accurate. Remember, accuracy is how close you are to a true value.
Your measurements themselves may be close to one another but still far off from the actual true value, so the accuracy may not be good. Now that you've known the basics of standard deviation, we'll take a look at the example left below. Click on the next video and see how I approach this question which deals with standard deviation.