Sample Variance and Standard Deviation Formula Explained!
The variance represents the spread of data or distance each data point is from the mean. When we have multiple observations in our data, we want to know how far each unit of data is from the mean? Are all the data points close together or spread apart? This is what the variance tells us!
Standard deviation is a unit of measurement that is unique to each data set, used to measure the spread of data. It can help us draw a picture of data to measure its variability and its formula is very similar to variance!
What you'll find in this video:
1) What is the variance? (0:17)
2) Variance formula (0:36)
3) How to find variance (1:56)
4) How to find the standard deviation? (5:34)
5) How to check answers on the calculator? (6:52)
6) Solution (8:58)
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