The name standard deviation you mainly used in statistics and you must know it is used for finding measurement variability or diversity of probability theory. This deviation is used where you have to see how much variation is there from an expected value. In this deviation low value indicates that data point is close to its mean, where on the other hand high standard deviation shows that data point is spread out in a large range of values. This standard deviation is data set, statistical population, or probability distribution is defined by the square root of its variance.

This deviation is simple in an algebraical manner than practically less statistical than average absolute deviation. The main property of this standard deviation is that it is expressed in the same units as data are used to be. This standard deviation is mainly used with an example of a population that is used to express the variability of the population this deviation is used to measure confidence in the statistical terms. You can easily find the margin of errors in polling time by calculating standard deviation in results if the same poll were conducted multiple in times. The reported margin of errors is twice in the standard of deviation. In terms of science, this deviation is considered to those effects that fall far outside the range of this deviation and known also as statistically significant.

standard deviation also plays an important role in finance. This deviation is on the risk and the rate of return over any investment is a measure of the volatility of that investment. For example when only a sample of data from a population is available, then population deviation can be estimated by a modified quality known sample of standard deviation. This deviation can be interpreted and applicable in multiple ways. For example, a large deviation indicates that data point which is from the mean point and small deviation shows that they are clustered closely to that mean point. This deviation serves as a measure of uncertainty. In physical science, this example is common that is reported deviation of a group of repeated measurements should give the precision of those measurements when deciding that whether measurement agrees with theoretical prediction then the deviation of that measurement is considered of crucial importance.

This deviation is deviation has its own practical value of understanding these deviations of a set of values is in appreciating that how much variation is left from that mean or average. One another way of seeing this deviation is to consider sports. You can take examples of teams in sports that some of the teams are highly rated in something and some are poorly rated. And this shows that teams that are rated goodwill perform in many things and in standing lead as well. But this lower deviation of their ratings in every category. For their more balanced and consistency this deviation is used in sports. The team which is good in most categories will also have a low deviation. And the team with high deviation might be that team that scores a lot and have strong offense but along with weak defense. That can vie versa also. In predicting which team is going to win depends on its deviation of various team stats ratings.

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