Variance Calculator
Understanding Variance
Variance measures how far a set of numbers is spread out from their average value. It is the average of the squared differences from the Mean. A high variance means the numbers are very spread out; a low variance means they are clustered closely around the mean.
Population Variance (\(\sigma^2\))
Use this when your data represents the entire population of interest.
\[ \sigma^2 = \frac{\sum (x_i - \mu)^2}{N} \]
Sample Variance (\(s^2\))
Use this when your data is a sample of a larger population. The denominator is `n-1` to provide an unbiased estimate of the population variance.
\[ s^2 = \frac{\sum (x_i - \bar{x})^2}{n-1} \]
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