Final answer:
Standard deviation measures the typical variation of individual observations from the mean of a data set. The correct interpretation would reference how an individual's grade varies from the expected grade by the standard deviation value, rather than referencing the mean grade of a randomly selected student.
Step-by-step explanation:
The question pertains to the interpretation of the standard deviation in the context of a statistics class. Standard deviation is a measure of the amount of variability or dispersion in a set of values. Specifically, it quantifies the typical amount by which individual observations in a data set deviate from the mean (average) of the data set. In the context given, the correct interpretation of the standard deviation is that the grade for a randomly selected student would typically vary from the expected grade (the mean) by the standard deviation value. Since the two values given (1.16 and 1.08) are both referring to some measure of standard deviation, without the actual data, we cannot definitively choose between them. However, it's important to understand that the phrase 'the mean grade for a randomly selected student' is incorrect since the mean grade refers to the average of all students, not an individual.