Define Variance. How is variance reported and controlled?
Variance is the expectation of the squared deviation of a random variable from its mean. Informally, it measures how far a set of (random) numbers are spread out from their average value. Variance has a central role in statistics, where some ideas that use it include descriptive statistics, statistical inference, hypothesis testing, goodness of fit, and Monte Carlo sampling. Variance is an important tool in the sciences, where statistical analysis of data is common. The variance is the square of the standard deviation, the second central moment of a distribution, and the covariance of the random variable with itself, and it is often represented by 
A variance occurs when expenses such as revenue or labor are either more or less than what the company anticipated and budgeted for. Hospitality businesses such as hotels and restaurants can experience variances due to occupancy rates, check sizes, supply costs or labor costs being different than expected. Variances are analyzed to determine exactly how much these differences have impacted revenue and profits.
Variances
If your restaurant anticipates serving 5,000 meals with an average check size of $20, your anticipated revenue would be $100,000.
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