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What is variance in statistics?

Variance is essentially the degree of spread in a data set about the mean value of that data. It shows the amount of variation that exists among the data points. Visually, the larger the variance, the "fatter" a probability distribution will be.

What is the symbol of the variance of a random variable?

The general formula for variance is given as, Var (X) = E [ ( X – μ) 2] When we take the square of the standard deviation we get the variance of the given data. Intuitively we can think of the variance as a numerical value that is used to evaluate the variability of data about the mean.

What is variance according to layman?

Variance is a measure of how data points differ from the mean. According to Layman, a variance is a measure of how far a set of data (numbers) are spread out from their mean (average) value. Variance means to find the expected difference of deviation from actual value. Therefore, variance depends on the standard deviation of the given data set.

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