To put this is real-world terms. In my last job as a programmer, after age 65, reporters entered a price for each category into spreadsheets that existed when I took the job.

I added a feature. I calculated the range of a reasonable price using the mean and 2 standard deviations of the most recent two weeks of data. I highlighted the entered price if outside of the range.

Usually, it was a typo or a dropped minus sign. If the price was valid, they could state in a story that the price change was “statistically significant.”

You never know when this knowledge will be useful.