To calculate the z-score of a data point in a dataset, use the formula:
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where:
- is the data point you want to calculate the z-score for,
- is the mean (average) of the dataset,
- is the standard deviation of the dataset.
This formula helps you understand how many standard deviations a data point is away from the mean. A positive z-score indicates the data point is above the mean, while a negative z-score indicates it's below the mean.
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