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The variance formula lets us measure this spread from the mean of the random variable. Understand the variance formula with examples and FAQs. Learn how to calculate the variance of a dataset using different formulas for ungrouped and grouped data. The variance measures the spread or dispersion of the data around the mean value. Sample variance formula The population variance is written as σ 2, where σ is the population standard deviation. Population variance formula The mean is the average of the data, whereas the variance is a measure of how far each value in the data set is from the mean. The mean is a measure of centre and the variance is a measure of spread. Variance is a measure of dispersion that is used to check the spread of numbers in a given set of observations with respect to the mean. Understand variance using solved examples.
