The variance and the closely-related term standard deviation are measures of how spread out a distribution or results are. Simply speaking, they are measures of variability.
The variance is computed as the average squared deviation of each number from its mean. The calculation of variance is a very important part of many statistical applications and analyses. A variance calculation is also the first step in calculating the standard deviation.
This video nicely demonstrates how to calculate variance.
Posted by ALCHEssMIST.
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