Standard deviation method was given by Karl Pearson in

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  1. 1891
  2. 1892
  3. 1893
  4. 1894

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Option 3 : 1893
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The correct answer is - 1893

Key Points

  • Standard Deviation Method
    • The standard deviation is a measure of the amount of variation or dispersion in a set of values.
    • It was introduced by Karl Pearson in the year 1893.
    • This statistical tool is widely used in fields such as finance, research, and engineering to quantify variability.

Additional Information

  • Background of Karl Pearson
    • Karl Pearson was a pioneering British mathematician and biometrician.
    • He made significant contributions to the field of statistics and is often considered one of the founders of modern statistics.
    • He developed the method of moments and the chi-squared test, among other statistical methods.
  • Importance of Standard Deviation
    • It provides a quantitative measure of the spread of data points in a data set.
    • In finance, it is used to measure market volatility and risk.
    • In quality control, it helps in determining the consistency and reliability of processes.
  • Calculation of Standard Deviation
    • The standard deviation is calculated as the square root of the variance.
    • Variance is the average of the squared differences from the mean.
    • The formula for standard deviation (σ) is:
      • σ = √Σ((x - μ)² / N)
      • Where Σ is the sum of, x is each value, μ is the mean of the values, and N is the number of values.
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