The mean of the squared deviations of the data from the mean — a measure of dispersion.
Symbols
σ2
variance
xi
data values
xˉ
mean
n
number of data values
Where it comes from
The mean of the squared deviations from the mean — the larger it is, the more spread out the data are. We square the deviations so they do not cancel out.
When to use it
A measure of the spread of data; needed for the standard deviation.