What is variance?

Variance

The variance of a random variable or distribution is the expectation, or mean, of the squared deviation of that variable from its expected value or mean. Thus the variance is a measure of the amount of variation of the values of that variable, taking account of all possible values and their probabilities or weightings (not just the extremes which give the range).

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Famous quotes containing the word variance:

    “There is an untroubled harmony in everything, a full consonance in nature; only in our illusory freedom do we feel at variance with it.”
    —Fyodor Tyutchev (1803–1873)