Commerce Exam > Commerce Videos > Statistics for Economics - Class XI > Variance
Variance Video Lecture | Statistics for Economics - Class XI - Commerce
This video is part of 51 videos|41 docs|12 tests | Join course for free |
|
51 videos|41 docs|12 tests
|
FAQs on Variance Video Lecture - Statistics for Economics - Class XI - Commerce
| 1. What is variance in statistics? |  |
| 2. How is variance different from standard deviation? | |
Ans. Variance and standard deviation are both measures of dispersion in statistics. The main difference between them is that variance is the average of the squared differences from the mean, while standard deviation is the square root of the variance. Standard deviation is often preferred for interpretation as it is in the same units as the original data.
| 3. How is variance used in data analysis? | |
Ans. Variance is used in data analysis to understand the spread of data points and the variability within a dataset. It helps in comparing different datasets and determining the consistency of the data. Variance is also used in hypothesis testing, where it measures the variability between groups to assess if there are significant differences.
| 4. What are the limitations of using variance? | |
Ans. While variance is a useful statistical measure, it has some limitations. One limitation is that the variance is sensitive to outliers, meaning that extreme values can greatly influence its value. Additionally, variance only considers the squared differences from the mean, which may not always capture the full picture of the data distribution. It is important to consider other measures and graphical representations when analyzing data.
| 5. How can variance be interpreted? | |
Ans. Variance can be interpreted as a measure of the spread or dispersion of data points around the mean. A larger variance indicates a wider range of values and more variability within the dataset. Conversely, a smaller variance suggests less variability and a more concentrated distribution of data points around the mean. It is important to consider the context of the data and the specific problem being analyzed to interpret the variance appropriately.
Related Exams
About this Video
4.69/5
Rating
Apr 06, 2025
Last updated
Video Description: Variance for Commerce 2025 is part of Statistics for Economics - Class XI preparation.
The notes and questions for Variance have been prepared according to the Commerce exam syllabus.
Information about Variance covers all important topics for Commerce 2025 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Variance.
Introduction of Variance in English is available as part of our Statistics for Economics - Class XI for Commerce & Variance in
Hindi for Statistics for Economics - Class XI course. Download more important topics related with notes, lectures and mock test series for
Commerce Exam by signing up for free.
Description
Video Lecture & Questions for Variance Video Lecture | Statistics for Economics - Class XI - Commerce - Commerce full syllabus preparation | Free video for Commerce exam to prepare for Statistics for Economics - Class XI.
Information about Variance
Here you can find the meaning of Variance defined & explained in the simplest way possible.
Besides explaining types of Variance theory, EduRev gives you an ample number of questions to practice Variance tests,
examples and also practice Commerce tests.
Related Searches
Objective type Questions
,shortcuts and tricks
,Important questions
,mock tests for examination
,video lectures
,Sample Paper
,Viva Questions
,Free
,Previous Year Questions with Solutions
,ppt
,practice quizzes
,Summary
,past year papers
,Variance Video Lecture | Statistics for Economics - Class XI - Commerce
,Extra Questions
,Variance Video Lecture | Statistics for Economics - Class XI - Commerce
,Variance Video Lecture | Statistics for Economics - Class XI - Commerce
,Exam
,study material
,Semester Notes
,MCQs
;
Study Variance on the App
Students of Commerce can study Variance alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Variance,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Variance is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup