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Relative Uncertainty (Relative Error). Relative uncertainty is the ratio of the absolute uncertainty of a measurement to the best estimate. It expresses the relative size of the uncertainty of a measurement (its precision).Symbolically, if is the absolute uncertainty in a measurement. , then the relative uncertainty in x, s x, is:n uncertainty interval (or error interval) is the   part of a measurement. It is used, along with significant digits, to indicate the precision of a measurement. Thus, in the two-significant-digit measurement 5.4 0.2 meters, the uncertainty interval is 0.2 meters.
Variance is a measure of distribution of returns and is not neccesarily bound by any time period. Volatility is a measure of the standard deviation (square root of the variance) over a certain time interval. In finance, variance and volatility both gives you a sense of an asset's risk. If the mean is the average return of an asset, variance and volatility can give you a sense of how much that asset either overperforms or under performs.