Standard deviation is a statistical calculation that’s used to describe the spread of data around its average value. Standard deviation is simply the square root of the data’s variance, and the variance describes how close each data point is to the overall average. Standard deviation is useful in when analyzing the distribution a dataset, as shown in the screenshot below.
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When I started recording this video, I realized that it would end up being much longer than expected. like to keep the videos under about 8 minutes, so I decided to split this post into 2 parts. The video below covers #1 & 2 in the list below, and the next post (which I’ll publish on May 17, 2016) will cover #3.
To download the Excel file shown in the video, just [ninja-popup ID=1432] click here. [/ninja-popup]
In this 2-part blog post I cover 3 things:
- What standard deviation is and how to calculate it
- Why it’s important and what it’s used for
- How to use standard deviation in TIBCO Spotfire with the following features and visualizations:
- Calculated Column (with OVER function)
- Box Plot
- Scatter Plot
- Summary Table
- Binned Column
If the embedded player above isn’t working, this video is also on YouTube: https://youtu.be/Hzb32qan9Ow
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