Commerce Exam > Commerce Videos > Statistics for Economics - Class XI > Variance
Variance Video Lecture | Statistics for Economics - Class XI - Commerce
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51 videos|41 docs|12 tests
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FAQs on Variance Video Lecture - Statistics for Economics - Class XI - Commerce
| 1. What is variance in statistics? |  |
Ans. Variance in statistics measures how spread out a set of data is from its mean or average. It quantifies the variability or dispersion of the data points around the mean. It is calculated by taking the average of the squared differences between each data point and the mean.
| 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.
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Nov 09, 2024 Last updated |
Video Description: Variance for Commerce 2024 is part of Statistics for Economics - Class XI preparation.
The notes and questions for Variance have been prepared according to the Commerce exam syllabus.
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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.
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