Question: Define varianceand (b) indicate what it tells you about a distribution and how this is different from what the meantells you.
(a) Define variance
Variance is the measure of variability. It is also called a measure of dispersion. It tells us that how much variation is present in the data. A high value of variance indicates a higher variability in the data. …
This solution is comprised of a detailed explanation of the terms: mean and variance. This solution mainly discusses the definition of these terms, along with examples.