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Measures of Variance

The Variance

Learning Objectives

Calculate and understand the sample and population variances.

The Variance (Var):

  • The Variance is the square of the Standard Deviation.
  • It is rarely used in an introductory course in Statistics.

The SAMPLE variance is defined as:

s2=Σ(xix¯)2n1

The POPULATION variance is defined as:

σ2=Σ(xix¯)2n1

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An Introduction to Business Statistics for Analytics (1st Edition) Copyright © 2024 by Amy Goldlist; Charles Chan; Leslie Major; Michael Johnson is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License, except where otherwise noted.

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