The below mentioned article provides a close view on the measures of dispersion in statistics. Dispersion Meaning and Classification: While making any data analysis from the observations given on a variable, we, very often, observe that the degree or extent of variation of the observations individually from their central value (mean, median or mode) is not the same and hence [...]
The idea of Standard Deviation was first presented by Karl Pearson in 1893. This measure is widely used for studying dispersion. Standard deviation does not suffer from those defects from which range, quartile range, and mean deviation suffer. Standard Deviation is also called the Root-Mean Square Deviation, as it is the square root of the mean of the squared deviations [...]
Mean deviation is a measure that removes several shortcomings of other measures i.e. it does not ignore extreme terms or values which play a significant role in average or Mean. According to some Economists, Mean Deviation is very useful for the forecasting of Business Cycles. Its merits and demerits can be discussed as below. A. Merits or Uses: 1. As [...]