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The variance is 27.0
The variance for 3 5 12 3 2 is: 16.5
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
Variance is std dev squared. Therefore, if std dev = 12.4, variance = 12.4^2 = 153.76.
The variance of 2 6 1 4 2 2 4 3 2 = 2.3611