To calculate the variance of a set of values, follow these steps:
- Find the s).
Mathematically, if you have data points x₁, x₂, ..., xâ‚™, and the mean is μ, then the variance (σ²) is calculated as:
For population variance: σ² = Σ((xáµ¢ - μ)²) / n
For sample variance: s² = Σ((xáµ¢ - μ)²) / (n - 1)
Where Σ represents summation and n is the number of data points.
Keep in mind that variance gives you an idea of how much the data points vary from the mean. It measures the spread or dispersion of the data.
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