Descriptive Statistics

Question 1

What is variance? How is it calculated?

Answer 1

Variance measures deviations from the mean. It is calculated by squaring the differences from the mean, adding them together and dividing by n-1 for a sample or n for the population.

Question 2

What is the relationship between variance and standard deviation? How is it calculated?

Answer 2

Variance is the value of the standard deviation squared.