1. A measure of the average distance between each of a set of data points and their mean value; equal to the sum of the squares of the deviation from the mean value.
2. In accounting, the difference between the actual cost and the standard cost for direct material, labor and overhead.
Related information about variance:
- Variance - Wikipedia, the free encyclopedia
In probability theory and statistics, the variance is a measure of how far a set of numbers is spread out. It is one of several descriptors of a probability distribution, ...
- Standard Deviation and Variance
Standard Deviation and Variance. Deviation just means how far from the normal. Standard Deviation. The Standard Deviation is a measure of how spread out ...
- Variance -- from Wolfram MathWorld
The variance is therefore equal to the second central moment mu_2 ... If the underlying distribution is not known, then the sample variance may be computed as ...
- Variance - Merriam-Webster Online
the fact, quality, or state of being variable or variant : difference, variation <yearly variance in crops>. 2. : the fact or state of being in disagreement : dissension, ...
- Variance and Standard Deviation
In order to write the equation that defines the variance, it is simplest to use the summation operator, Σ. The summation operator is just a shorthand way to write, ...
- Standard Deviation and Variance: Common Measures of Variability
The variance and the closely-related standard deviation are measures of how ... The variance is computed as the average squared deviation of each number ...
- Variance Definition | Investopedia
A measure of the dispersion of a set of data points around their mean value. Variance is a mathematical expectation of the average squared deviations from the ...
- variance - definition of variance by the Free Online Dictionary ...
b. The state or quality of being variant or variable; a variation. c. A difference between what is expected and what actually occurs. 2. The state or fact of differing ...