Find out how to calculate standard deviation with this simple Excel formula and apply it to your statistical calculations.
Standard deviation is a concept used in statistics that is not always simple to understand or apply. It refers to a measure of dispersion that, within a group of values, indicates how far away from the mean or average the other figures are. It is a useful formula for figuring out the probability of an event happening.
Standard deviation is closely linked to the concept of variance.
Calculating standard deviation with Excel
Although it may seem complicated, and to a certain degree it is, Excel helps out with a specific formula to allow us to calculate standard deviation. The formula STDEV is used as follows:
This formula is easy to use, as all you have to do is input up to 30 values and Excel will calculate the standard deviation of these for us.