ELI5: Explain Like I'm 5

Relative standard deviation

Okay, so you know when you have a group of things that are different sizes or amounts, like maybe a bunch of toys or candies? Well, sometimes you want to compare them even though they are different. That's where the relative standard deviation comes in.

It's like a tool that helps us figure out how different things are compared to each other. We use it to figure out how much the sizes or amounts in the group vary from the average, which is like the middle or usual size or amount.

The relative standard deviation is a special way of measuring this variation. It's a number that shows how much the different sizes or amounts are spread out compared to the average. We write it as a percentage, which is like a way of showing how big or small something is out of 100.

So, let's say we have a group of candies and we want to compare how different they are in size. We measure each candy and find their average size. Then we use the relative standard deviation to show how much they vary from this average size.

If the candies are all pretty similar in size, the relative standard deviation will be small, like maybe 5%. But if some candies are really big and some are really small, the relative standard deviation will be big, like maybe 25%.

Basically, the relative standard deviation helps us understand how much the different sizes or amounts in a group are different from each other. It's a fancy way of comparing things and figuring out how much they vary.
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