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Variance is used to add standard deviations when comparing two samples or populations.
Variance is simply Std^2.
The formula for obtaining Std is dependent on the type of sample taken\ hypothesis test performed i.e. 2-proportion pop/sample, single proportion, poussin, binomial, etc.
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Is mean used to describe the variance of data?
Yes.
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
What is Disribution used in estimating population variance?
The lognormal distribution, probably.
What SPSS procedures can be used for data screening of categorical variables?
variance
How is variance used to measure risk?
In finance, risk of investments may be measured by calculating the variance and standard deviation of the distribution of returns on those investments. Variance measures how far in either direction the amount of the returns may deviate from the mean.
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