Variance Example
We can understand the concept of variance with the help of the example discussed below.
Find the population variance of the data {4,6,8,10}
Solution:
Mean = (4+6+8+10)/4 = 7
4 (4-7)2 9 6 (6-7)2 1 8 (8-7)2 1 10 (10-7)2 9 Variance = (9+1+1+9)/4 = 20/4 = 5
Thus, the variance of the data is 5
Variance
Variance is a measurement value used to find how the data is spread concerning the mean or the average value of the data set. It is used to find how the distribution data is spread out concerning the mean or the average value. The symbol used to define the variance is σ2. It is the square of the Standard Deviation.
The are two types of variance used in statistics,
- Sample Variance
- Population Variance
The population variance is used to determine how each data point in a particular population fluctuates or is spread out, while the sample variance is used to find the average of the squared deviations from the mean.
In this article, we will learn about Variance (Sample, Population), their formulas, properties, and others in detail.
Table of Content
- What is Variance?
- Variance Definition
- Types of Variance
- Variance Symbol
- Variance Example
- Variance Formula
- Sample Variance Formula
- Population Variance Formula
- Variance Formula for Grouped Data
- Variance Formula for Ungrouped Data
- Formula for Calculating Variance
- How to Calculate Variance?
- Variance and Standard Deviation
- Variance and Covariance
- Variance Properties
- Examples on Variance Formula
- Summary – Variance
- FAQs on Variance