What is variance in the study of Statics?
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Variance is used in statistics for probability distribution. Since variance measures the variability (volatility) from an average or mean and volatility is a measure of risk, the variance statistic can help determine the risk an investor might assume when purchasing a specific security.
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Variability refers to how spread out a group of data is. In other words, variability measures how much your scores differ from each other. Variability is also referred to as dispersion or spread. Data sets with similar values are said to have little variability, while data sets that have values that are spread out have high variability.
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