Variance and Standard Deviation

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Variance and Standard Deviation

Purpose

Useful for

Observing that The larger the variance, the larger the variability.

Standard Deviation

The standard deviation is the measure of dispersion used most often

It's the square root of "s2"

Letter "s" Stands for Standard Deviation

A quantity calculated to indicate the extent of deviation for a group as a whole.

Advantage

They take into account all the values of a variable.

Variance

The formula means that from every observation () you have to subtract the mean value of that variable (̅). Next, you have to square all these values and add them up

s2 stands for the variance

In probability theory and statistics, variance is the expectation of the squared deviation of a random variable from its mean.