Q: What do you do with the Variance figure?

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Favourable variance is that variance which is good for business while unfavourable variance is bad for business

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

Equal in 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.

The variance is: 1.6709957376e+13

Related questions

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.

Favourable variance is that variance which is good for business while unfavourable variance is bad for business

Negative price variance is when the cost is less than budgeted. Volume variance is a variance in the volume produce.

efficiency variance, spending variance, production volume variance, variable and fixed components

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

Unequal in Variance

Equal in Variance

Since Variance is the average of the squared distanced from the mean, Variance must be a non negative number.

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.

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.

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.