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If we use the mean as a model, what does the variance represent?

If we use the mean as a model, what does the variance represent?

Math   Statistics-And-Probability   
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Answer #1

A Variance (σ2) is a measurement of the spread between numbers in a data set. It measures how far each number in the set is from the mean.

A variance measures the variability from mean . A variance statistic can help determine the risk an invest or might assume when purchasing a specific security.

If a variance is zero it means all the numbers in the data set are identical and if variance is positive numbers and non zero it means numbers in the set are far from the mean and each other, while a small variance indicates the opposite.

In the Above formula:

  • σ2 is variance,χ is the value of an individual data point,μ is the mean of data points and N be the number of data points.
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