Why is the variance a better measure
of variability than the range?
ANSWER
Range is the difference between the highest possible
outcome and the lowest possible outcome. Range ignores all outcomes except the
highest and lowest, and it does not consider how likely each outcome is. Variance,
on the other hand, is based on all the outcomes and how likely they are to
occur. Variance weights the difference of each outcome from the mean outcome by
its probability, and thus is a more comprehensive measure of variability than
the range.
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