Mean = average. Median = middle value. Median is better for skewed data (e.g., income) because outliers don't affect it.

What is standard deviation?

SD measures spread around the mean. ~68% of data falls within 1 SD, ~95% within 2 SDs (normal distribution).

Population vs Sample SD?

Population (σ) divides by N. Sample (s) divides by N-1. Use sample SD when data is a subset of a larger population.

Last Updated: April 13, 2026

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