answersLogoWhite

0

Variance is a measure of "relative to the mean, how far away does the other data fall" - it is a measure of dispersion. A high variance would indicate that your data is very much spread out over a large area (random), whereas a low variance would indicate that all your data is very similar.

Standard deviation (the square root of the variance) is a measure of "on average, how far away does the data fall from the mean". It can be interpreted in a similar way to the variance, but since it is square rooted, it is less susceptible to outliers.

User Avatar

Wiki User

13y ago

Still curious? Ask our experts.

Chat with our AI personalities

MaxineMaxine
I respect you enough to keep it real.
Chat with Maxine
BlakeBlake
As your older brother, I've been where you are—maybe not exactly, but close enough.
Chat with Blake
ReneRene
Change my mind. I dare you.
Chat with Rene

Add your answer:

Earn +20 pts
Q: What is the significance of variance in statistics?
Write your answer...
Submit
Still have questions?
magnify glass
imp