Population variance
Population variance is a statistical measure that shows how much the values in a complete set (or population) differ from the average value. It quantifies the spread or dispersion of data points; a small variance indicates the values are close to the mean, while a large variance means they're more spread out. To calculate it, you find the average of the squared differences between each value and the mean, which helps in understanding overall variability within the population. This concept is essential in fields such as finance, science, and social research for interpreting data effectively.
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Population variance is a statistical measure that represents how much individual data points in a complete group (or population) differ from the group's average (mean). It calculates the average of the squared differences between each data point and the mean. A higher variance indicates that the data points are spread out over a wider range of values, while a lower variance means they are closer together. This measure helps researchers understand the consistency or variability within a set of data, which is crucial in fields like economics, psychology, and natural sciences.