Standard Deviation Question

[DaBartman]

One for the statistics whizes out there.

I keep good records. I'm OK enough with math to have created an Excel spreadsheet to track my results and calculate my standard deviation, hourly rate. How do I interpet this data?? Specifically what I have is hourly rate and 1, 2 and 3 standard deviations, also the variance whatever that is. I have enough data points for my data to be accurate. Help! Please

[LondonBroil]

</font><blockquote><font class="small">In reply to:</font><hr />
How do I interpet this data??

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Basically, the standard deviation will tell you how you should do when you play. If your sample is large enough and your data accurate, you should end your session within 1 Standard Deviation about 68% of the time, within 2 SD's 95% of the time, and within 3 SD'd 99.7% of the time.

So if your average result was +$35.00/hr with a SD of $180, then 68% of the time, you will end up between -$145 and +$215 every hour (35-180 and 35+180). 95% of the time you will be between -$325 and +$395 (35-360 and 35+360) and 99.7%, almost always, you will end up between -$505 and +$575.

Even with a good SD of around 9BB/hour, you can still have big swings. I'm working on getting my average to 2BB/hour and a SD of 0. Then I'll tackle the 300-600 tables /forums/images/icons/wink.gif