What is range rule of thumb - Definition and Meaning
Range Rule Of Thumb :
Data in the range is estimated to be four times that of the standard deviation.
Formula :
R = max - min
S.D ≈ R / 4
R = Range
S.D = Standard Deviation
Example :
set = {2,5,7,9,3,7,6,10,3}
max = 10
min = 2
R = 10 - 2 = 8
S.D ≈ R/4 = 8/4 = 2
S.D ≈ 2
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