Timeline for Understanding "variance" intuitively
Current License: CC BY-SA 3.0
6 events
| when toggle format | what | by | license | comment | |
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| Nov 26, 2012 at 6:28 | comment | added | Dean Radcliffe | Or, if sharks don't 'on average' eat people, that's little comfort if they are very moody (highly variant behavior). In the river analogy it's about whether you will take a step that will put you over your head. | |
| Oct 26, 2011 at 21:44 | comment | added | PhD | Perfect! I got it! :) That makes a lot of sense. In fact combining the answers from various people helps me frame the understanding better... | |
| Oct 26, 2011 at 7:43 | comment | added | Biostat | @Nupul: Actually, "what to do in the situation" means either they cross a river or not? If you know the variance (or SD) then you could decide it easily. Suppose variance is 0.25 (SD=0.5) then they can cross the river safely because range of interval (dont confuse this with confidence Interval (CI)) is 3+0.5 or 3-0.5, and their heights are 4 and 5. If variance is 4 then better to not cross the river. By the way, just enjoy jokes here stats.stackexchange.com/questions/1337/statistics-jokes | |
| Oct 26, 2011 at 3:38 | comment | added | PhD | Maybe I'm not good with statistical jokes (I'm am quite good with the others though :). But I don't think I understand what is meant by "what to do in the situation"? What 'exactly' should one do if they have an idea of the variance? How should one interpret it? | |
| Oct 26, 2011 at 0:32 | history | edited | Biostat | CC BY-SA 3.0 |
added 13 characters in body
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| Oct 26, 2011 at 0:27 | history | answered | Biostat | CC BY-SA 3.0 |