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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).
This means the square of the variance is given by the average of the squares of difference between the data points and the mean. Step By Step Calculation. For example, suppose you want to find the variance of scores on a test. Suppose the scores are 67, 72, 85, 93 and 98.