I am currently taking a statistics class where we are studying about Standard Deviation. Even though it is a new concept for me still I am able to grasp it fairly quickly. But, we discussed something in the class which I could not understand.
The ±2 SD covers 95% of the data set. But when analyzing some data, what are some of the implications of ±2 SD? What I can tell is that you are missing out the 5% of the remaining data that can give you more accurate information about the data as a whole, like the range of the data, etc. But please please let me know if anyone has more implications of ±2 SD.