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variance
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variance

In statistics, the square of the standard deviation, the measure of spread of data. Population variance and sample variance are denoted by σ2 and s2, respectively. Variance provides a measure of the dispersion of a set of statistical results about the mean or average value.

variance

In business, the difference between expected or predicted costs, and actual costs. It is used in budgeting and costing control.



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A casual observation of gas price changes over time suggests a remarkable change in the volatility of gasoline price after 1998 (the sample variance triples after 1999).
Such things as sampling plans, sample size, how to minimize sample variance (e.
2]) for the Wilson intervals since the population variance, not the sample variance, is used in the calculation.
 
 
 
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