The variance for 3 5 12 3 2 is: 16.5
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The variance is 27.0
Average = (0+0+1+2+3)/5 = 1.2 Variance = 1/N * SUM (x-E(x))2 = 1/5 * 6.8 = 1.36 Answer: Variance = 1.36
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
The variance of 5 9 8 9 9 = 3
var=4