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Variance measures the dispersion of data points from their mean, helping to understand the spread and volatility of a dataset. In practical applications, you can use variance to assess risk in finance, evaluate consistency in quality control, or compare variability between different data sets. A higher variance indicates greater variability, which may require further investigation or adjustments in strategy, while a lower variance suggests more consistent performance. Ultimately, variance helps inform decision-making by quantifying uncertainty and reliability.
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What difference between a favorable variance and an unfavorable variance?
Favourable variance is that variance which is good for business while unfavourable variance is bad for business
What factors causes Budget Variance?
There are 7 variances associated with a budget ( which are generally calculated for controlling purposes) 1- Material Price variance 2- Material Quantity variance 3- Labor rate variance 4- Labor efficiency variance 5- Spending variance 6- Efficiency variance 7- Capacity variance
What is Assumptions for Variance Homogeneous?
Equal in Variance
What is a difference between a pooled variance and a combined variance?
Pooled variance is a method for estimating variance given several different samples taken in different circumstances where the mean may vary between samples but the true variance (equivalently, precision) is assumed to remain the same. A combined variance is a method for estimating variance from several samples, given the size, mean and standard deviation of each. Mathematically, a combined variance is equal to the calculated variance of the set of the data from all samples. See links.
What is the sample variance of 5781010 and 14?
The variance is: 1.6709957376e+13
How do you figure the variance on a group of numbers?
To figure the variance on a group of numbers, you must first figure out the mean, which is the average of the set. Then, substract the mean from each number in the set. Square the result of those substractions, and then average the squares. You will then have the variance.
What difference between a favorable variance and an unfavorable variance?
Favourable variance is that variance which is good for business while unfavourable variance is bad for business
What is the difference between negative price variance and volume variance?
Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.
What are the variances in a 4 variance analysis?
efficiency variance, spending variance, production volume variance, variable and fixed components
What factors causes Budget Variance?
There are 7 variances associated with a budget ( which are generally calculated for controlling purposes) 1- Material Price variance 2- Material Quantity variance 3- Labor rate variance 4- Labor efficiency variance 5- Spending variance 6- Efficiency variance 7- Capacity variance
Which is not a measure of dispersion range or variance?
Variance
What is Assumptions for Variance Heterogeneous?
Unequal in Variance
What is Assumptions for Variance Homogeneous?
Equal in Variance
Can variance be negative?
Since Variance is the average of the squared distanced from the mean, Variance must be a non negative number.
What is Proportion of variance unaccounted?
The unaccounted for variance aka Error Variance, is the amount of variance of the dependent variable (DV) that is not accounted for by the main effects/independent variables (IV) and their interactions.
Can the Variance ever be smaller than standard deviation?
Yes. If the variance is less than 1, the standard deviation will be greater that the variance. For example, if the variance is 0.5, the standard deviation is sqrt(0.5) or 0.707.
What is a difference between a pooled variance and a combined variance?
Pooled variance is a method for estimating variance given several different samples taken in different circumstances where the mean may vary between samples but the true variance (equivalently, precision) is assumed to remain the same. A combined variance is a method for estimating variance from several samples, given the size, mean and standard deviation of each. Mathematically, a combined variance is equal to the calculated variance of the set of the data from all samples. See links.
