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Variance. Variance (Ï 2) is a measure of the dispersion of a set of data points around their mean value. In other words, variance is a mathematical expectation of the average squared deviations from the mean. It is computed by finding the probability-weighted average of squared deviations from the expected value. Variance measures the variability from an average (volatility).
Both standard deviation and variance are derived from the mean of a given data set. Whereas the mean is simply the average of all data points, the variance measures the average degree to which each point differs from the mean.The greater the variance, the larger the overall data range.For the variance, first calculate the difference between each point and the mean.hereas the mean is simply the average of all data points, the variance measures the average degree to which each point differs from the mean. The greater the variance, the larger the overall data range. For the variance, first calculate the difference between each point and the mean.