Variance is the expected value of the squared variation of a random variable from its mean value, in probability and statistics. Informally, variance estimates how far a set of numbers (random) are spread out from their mean value. The value of variance is equal to the square of standard deviation, which is another central tool. Variance is symbolically represented by σ2, s2, or Var (X). The formula for variance is given by: Variance and standard deviation measure how much data deviates from the mean. Variance gives the average squared deviation, while standard deviation (the square root of variance ) expresses the spread in the same unit as the data. Learn the meaning of variance in statistics, how to calculate variance , examples of variance , and its importance in data analysis with solved problems. Variance formula The variance formula is used to compute the variance of a given set of data. Variance is a measure of variability that indicates how far a set of values varies from the mean of the set. A data set with a high variance indicates that the data tends to be further from the mean, while a low variance indicates that the data does not deviate much from the mean. There are two commonly used forms of the variance formula : one for a population and for a sample. The type of data ...
