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.

William “Bill” Myers, Analyzes all, Programmer, retired. If you learn anything new, find enjoyment, have a new thought, then I’m successful. Photo: 1st article

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