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Know the meaning of variance and standard deviation
The variance is known to be the average of square deviation about any arithmetic mean for any set of numbers. The variance is defined as:
σ2 = Σ (x – μ)2
In case of standard deviation it is known to be a measure of variability. It can either be used as separate entity or even a part of any other analysis like computing confidence intervals or for hypothesis testing. It is denoted as:
σ = √Σ (x – μ)2
The variance and standard deviation both are measured to find out the spread of distribution. You can use them to measure variability.
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