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Yes.
Favourable variance is that variance which is good for business while unfavourable variance is bad for business
Yes, sigma squared (σ²) represents the variance of a population in statistics. Variance measures the dispersion of a set of values around their mean, and it is calculated as the average of the squared differences from the mean. In summary, σ² is simply the symbol used to denote variance in statistical formulas.
The lognormal distribution, probably.
variance