Explain why charts/graphs are important in conveying information in a visual format and why standard deviation and variation are important. 

Quantative methods and analysis | Business & Finance homework help

Charts and graphs are important in conveying information visually because they enable us to quickly comprehend a large amount of data. They provide an easy-to-understand overview of the information and can be used to compare and contrast different datasets. Charts also help identify trends, patterns, correlations and outliers that may not be visible from looking at the raw numbers alone.

Standard deviation and variation are important statistical measures that indicate how close or distant numeric values in a dataset are from each other. Standard deviation measures the spread of data points around their mean value, with low standard deviations indicating that all values are close together or ‘normally distributed’ whilst high standard deviations indicate greater variability amongst the data points. Variance is another measure which indicates how far apart individual elements in a dataset may be from their average value. Both standard deviation and variance can provide helpful insights into significant differences between different groupings within a dataset when plotted on charts or graphs, enabling managers to more effectively analyse and interpret data.