Variance
Description
Measures the spread of data from the mean.
Variables
| Symbol | Meaning |
|---|---|
σ² | Variance |
n | Number of values |
xᵢ | Individual values |
μ | Mean |
Example
Problem
Find variance of 2,4,6,8,10 (mean=6)
Solution
σ² = [(16+4+0+4+16)/5] = 8
Real-World Applications
- Data analysis
- Quality control
- Finance