How to Calculate Variance?
In general, variance means population standard variance. The steps to calculate the variance of a given set of values is,
Step 1: Calculate the mean of the observation using the formula (Mean = Sum of Observations/Number of Observations)
Step 2: Calculate the squared differences of the data values from the mean. (Data Value – Mean)2
Step 3: Calculate the average of the squared differences of the given values which are called the variance of the data set.
(Variance = Sum of Squared Differences / Number of Observations)
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
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