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Variance - What is variance in simple example?
Answer
A data collection with the values 3, 5, 8, and 1 would be one example. With the sum of (3 + 5 + 8 + 1) divided by 4, we get 4.25 as the mean of the set. Next, we calculate the variance by subtracting 4.25 from 3.2, plus (5 minus 4.25),The result is 6.68 when divided by 4. Hence, 6.68 represents the variance of this dataset.
