The document discusses measures of dispersion, which describe how varied or spread out a data set is around the average value. It defines several measures of dispersion, including range, interquartile range, mean deviation, and standard deviation. The standard deviation is described as the most important measure, as it takes into account all values in the data set and is not overly influenced by outliers. The document provides a detailed example of calculating the standard deviation, which involves finding the differences from the mean, squaring those values, summing them, and taking the square root.