Let's say I have 200 employees with a mean wage of 34 dollars and standard deviation 17 dollars, with maximum wage \$89 and minimum wage \$13.
How do I describe the standard deviation in words in term of the wage?
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The standard deviation of $17 shows how much dispersion there is from the mean wage. I would say that this suggests that wages are very spread out.
Precisely, the standard deviation is the square root of the variance, which is the average of the squared differences from the mean. So the standard deviation of $17 is the square root of the average of the squared differences from each individual wage and the mean wage.
samuelr0750
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