Results 1 to 2 of 2

Math Help - Interpreting standard deviation in context

  1. #1
    Senior Member
    Joined
    Nov 2012
    From
    Hawaii
    Posts
    266
    Thanks
    2

    Interpreting standard deviation in context

    If X = the payout for a single $1 bet, youcan check that mean= $0.70 and standard deviation= $6.58.

    How would i interpret the standard deviation in context?? I know how to interpret the mean, it's the players expected gain from a single $1 bet. What about the
    standard deviation?
    My guess is it's how much the gain differs the single dollar bet?? WAS IT RIGHT???
    Follow Math Help Forum on Facebook and Google+

  2. #2
    Super Member
    Joined
    Jul 2009
    Posts
    593
    Thanks
    4

    Re: Interpreting standard deviation in context

    The standard deviation is indeed how much you expect YOUR result to differ from the mean. Mathematically it is the square root of the squared deviation from the mean. . .but that's really here nor there for what you're meant to know.
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Standard deviation
    Posted in the Advanced Statistics Forum
    Replies: 1
    Last Post: May 16th 2010, 12:16 PM
  2. Replies: 5
    Last Post: May 18th 2009, 04:14 AM
  3. standard deviation and mean deviation
    Posted in the Statistics Forum
    Replies: 1
    Last Post: March 16th 2008, 05:09 AM
  4. Standard Deviation
    Posted in the Statistics Forum
    Replies: 1
    Last Post: February 8th 2008, 04:42 AM
  5. Help! standard deviation
    Posted in the Statistics Forum
    Replies: 1
    Last Post: February 2nd 2008, 10:00 AM

Search Tags


/mathhelpforum @mathhelpforum