What is Variance?
Variance is the squared deviation of items/values in a statistical series from its arithmetic mean. This numerical value quantifies the average magnitude to which extent the data set is dispersed around itself. It is simply the square of the standard deviation and is denoted as σ2. Since it is the squared deviation, its unit is different from that of the individual items in the statistical series and is, hence, not a reliable measure of dispersion because of inaccurate and vague comparison. Variance is calculated as
Var(x) = [Tex]\sum \frac{f\left ( M_{i}-\overline{X} \right )^{2}}{N}[/Tex]
Difference Between Variance and Standard Deviation
Variance and Standard deviation both formulas are widely used in mathematics to solve statistics problems. They provide various ways to extract information from the group of data.
They are also used in probability theory and other branches of mathematics. So it is important to distinguish between them. Let’s learn about Standard Deviation, Variance, and their difference in detail in this article.