the small greek letter sigma squared.
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It means you can take a measure of the variance of the sample and expect that result to be consistent for the entire population, and the sample is a valid representation for/of the population and does not influence that measure of the population.
efficiency variance, spending variance, production volume variance, variable and fixed components
3.92
Variance
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.