Variance

/ˈvɛə.ri.əns/

Meaning & Definition

noun

the quality of being different, divergent, or inconsistent.

There is a significant variance in the test scores among the students.

a measure of the dispersion or spread of a set of values in statistics.

The variance of the data set indicates how much the values differ from the mean.

the state of being in disagreement or conflict.

The variance between the two reports led to confusion during the meeting.

an official authorization for a deviation from the standard regulations.

They applied for a variance to build their home closer to the property line.

Middle English: from Old French 'variance' or from medieval Latin 'variantia', from 'varians', present participle of 'variare'.

variance analysis

A method of evaluating performance by comparing actual results with budgeted or expected results.

variance report

A report that highlights the differences between projected and actual figures.

standard deviation

A statistic that measures the dispersion of data from its mean, closely related to variance.

vary

To differ in amount, quantity, or nature.

variation

A change or difference in condition, amount, or level.

variable

An element, feature, or factor that is liable to vary or change.

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