Variance

Variance is a statistical measure that explains how spread out a set of values is. It indicates how much individual data points differ from the average (mean) of the dataset. A low variance means the data points are close to the mean, while a high variance signifies that the values are more dispersed. Understanding variance helps assess consistency and variability in various contexts, such as test scores, income levels, or product quality. In essence, it provides insight into the reliability and predictability of the data.