Define the terms variance and standard deviation

Variance is a measure of how data points vary from the mean, whereas standard deviation is the measure of the distribution of statistical data.

Variance

The variance is a measure of how far a set of data are dispersed out from their mean or average value. It is denoted as ‘σ2’.

Standard deviation

The spread of statistical data is measured by the standard deviation. Distribution measures the deviation of data from its mean or average position. The degree of dispersion is computed by the method of estimating the deviation of data points. It is denoted by the symbol, ‘σ’.

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