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How is standard deviation found?
Formally, the standard deviation is the square root of the variance. The variance is the mean of the squares of the difference between each observation and their mean value. An easier to remember form for variance is: the mean of the squares minus the square of the mean.
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.
Relation between mean and standard deviation?
Standard deviation is the variance from the mean of the data.
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
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
