Meaning & Definition of word "Variance"

Variance

/ˈvɛə.ri.əns/

1. the quality of being different, divergent, or inconsistent.
- Example: There is a significant variance in the test scores among the students.
2. a measure of the dispersion or spread of a set of values in statistics.
- Example: The variance of the data set indicates how much the values differ from the mean.
3. the state of being in disagreement or conflict.
- Example: The variance between the two reports led to confusion during the meeting.
4. an official authorization for a deviation from the standard regulations.
- Example: 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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● Example Sentence: N/A