Name the different types for measure of variability and explained the significance (i.e. the important) of each measure of variability as applicable to statistics. Solution 7. Range. It is the difference between the maximum and minimum values of your data set. This is significant bcause it tells us how far the extreme values are from each other. Variance. It is the mean of the squared deviations from the mean. This is significant because this usually has a direct role in probability density functions, like in the normal distirbution. Standard deviation. It is the square root of the variance. It is significant because it can be used to standardize scores, as it has the same unit as the observations. Interquartile range. It is the difference between the 3rd and 1st quartiles. This is significant because this can be used to determine if there are outliers in the data set..