Calculate the Z-score for a given data point in your dataset. Understand the formula and its use below.
Formula: Z = (X - μ) / σ
Where:
Z = Z-Score
X = Data point
μ = Mean of the dataset
σ = Standard deviation of the dataset
Uses: The Z-score indicates how many standard deviations a data point is from the mean. It is useful for understanding the relative position of a data point within the dataset.