Variance is a statistical measure that quantifies the dispersion or spread of a set of data points around their mean (average) value. It provides insight into the extent to which individual data points deviate from the central tendency of the dataset. A high variance indicates that data points are widely spread out from the mean, while a low variance suggests that data points are clustered closely around the mean.
Variance helps us understand how data points
spread out from the mean. The greater the variance, the more diverse the outcomes! 📉📈
#Variance #DataAnalysis #Statistics #MentalModels #PredictiveAnalytics #DecisionMaking #DataScience
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