Standardization: Normalization scales data to a specific range

Normalization scales data to a specific range, often between 0 and 1, while standardization adjusts data to have a mean of 0 and standard deviation of 1. Standardization is a framework of agreements to which all relevant parties in an industry or organization must adhere in order to continue business. Standardization is the process of creating standards to guide the creation of a good or service based on the consensus of all the relevant There is a general perception that standardization and standards are in contradiction to innovation. It is however now being realized that standardization has an important role in fostering innovation by enabling faster dissemination of new technologies and...