variance

Variance in a dataset is a statistical measure that represents the degree of spread or dispersion of the data points around the mean (average) of the dataset.

It quantifies how much the individual data points differ from the mean value.

A higher variance indicates that the data points are more spread out from the mean, while a lower variance indicates that they are closer to the mean.

Variance is calculated as the average of the squared differences between each data point and the mean.

See also: Boxplot Distributions

Variance:

• Measures how much a single variable deviates from its mean.
• For variable $X$, variance is:

$$\text{Var}(X)=\frac{1}{n}\sum _{i=1}^n(x_i-{\mu }_X{)}^2$$

• Variance determines the spread of data along a particular dimension.