Variance is a measure that tells us how spread out or scattered the values in a dataset are. It quantifies the average squared difference between each data point and the mean of the dataset. Imagine a group of people’s heights: if the heights vary greatly, the variance will be high, indicating a wide range of values. Conversely, if the heights are similar, the variance will be low, indicating a narrow range.
Variance helps us understand the dispersion or variability in a dataset, enabling comparisons between different sets of data and aiding in decision-making and analysis.
