Standard deviation method was given by Karl Pearson in

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.