RESEARCH METHODOLOGY

Detailed explanation-1: -Unlike range and interquartile range, variance is a measure of dispersion that takes into account the spread of all data points in a data set. It’s the measure of dispersion the most often used, along with the standard deviation, which is simply the square root of the variance.

Detailed explanation-2: -To better describe the variation, we will introduce two other measures of variation-variance and standard deviation (the variance is the square of the standard deviation). These measures tell us how much the actual values differ from the mean. The larger the standard deviation, the more spread out the values.

Detailed explanation-3: -The square root variance is called standard deviation for a population distribution, and is called standard error for a sampling distribution of a statistic.

Detailed explanation-4: -The square of the standard deviation is called the variance.