Question
Variance and coefficient of variation
Answer :
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Variance is a measure of how spread out the values in a data set are around the mean. It is calculated by finding the average of the squared differences from the mean. Mathematically, for a set of values x1,x2,…,xnx_1, x_2, \ldots, x_n, the variance σ2\sigma^2 is given by:
σ2=1n∑i=1n(xi−μ)2\sigma^2 = \frac{1}{n} \sum_{i=1}^{n} (x_i - \mu)^2
where μ\mu is the mean of the data, and nn is the number of observations. Variance is expressed in squared units, which makes it less intuitive to
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