Statistics - Range Rule of Thumb


Advertisements

The Range Rule of Thumb says that the range is about four times the standard deviation. The standard deviation is another measure of spread in statistics. It tells you how your data is clustered around the mean.

Formula

${s \approx \frac{R}{4}}$

Where −

  • ${s}$ = standard deviation.

  • ${R}$ = Maximum - Minimum of a range.

How the range rule works, we will look at the following example.

Example

Problem Statement:

Given the following values: 12, 12, 14, 15, 16, 18, 18, 20, 20, and 25. Calculate standard deviation using range rule of thumb.

Solution:

These values have mean of 17. we first calculate the range of our data as 25 - 12 = 13, and then divide this number by four we have our estimate of the standard deviation as ${\frac{13}{4} = 3.25}$. This number is relatively close to the true standard deviation, and good for a rough estimate.

Useful Video Courses

Video

Class 11th Statistics for Economics

40 Lectures 3.5 hours

Madhu Bhatia

Video

Statistics

40 Lectures 2 hours

Megha Aggarwal

Video

Applied Statistics in Python for Machine Learning Engineers

66 Lectures 1.5 hours

Mike West

Video

An Introduction to Wait Statistics in SQL Server

22 Lectures 1 hours

Mike West

Video

Geospatial Data Science: Statistics and Machine Learning

60 Lectures 12 hours

Michael Miller

Video

Basic Statistics & Regression for Machine Learning in Python

65 Lectures 5 hours

Abhilash Nelson

Advertisements