Variance is a very popular measure in the field of statistics, which is considered to be a very significant measure and comes at the advanced level of statistics. It is basically the expected squared deviation of any random variable from the mean measure.
Well, with the help of variance you can basically figure out that how spread out the population or the data set is, and it can be used ideally in creating the statistics models.Low measure of variance implies that data is over fitted while the high measure implies that data is under fitted.
Well, if you are someone who is figuring out the ways for the easy calculation of the variance, then we are here going to help you in the same by offering you the different kinds of the solutions and we urge you to go through the entire article in order to get the solutions.
How to Calculate Variance
Well, there could be many ways of calculating or determining the variance but three of them are the most popular ways, through which you can easily get the variance of the given population.
We are here going to discuss about all those three ways for the consideration of our scholars readers.
Method 1 —
- Here in this method you need to take the set of population for which the variance has to be calculated.
- Now you need a proper formula for the calculation of the variance which you can check below.
- Calculate the mean of the whole population since it’s required to be put into the variance formula.
- Next the calculated mean has to be subtracted from the each population of the series.
- Now simply square the each resulting digit after the subtraction where sum digits would be in negative and some in positive.
- Sum all the squared and then find the mean of this data as well.
- At last you simply need to put all the values in the variance formula and you will easily get the variance.
Here is our second method to calculate the variance of the given population.
- Just like the first method put all the population values and then calculate the sample mean of all the values.
- Now you need to subtract the mean from the each value of population.
- Square the resulting values and then sum all the values which have been squared.
- Then you can divide the resulting value by the (n-1) in accordance to the other variance formula which has been given below.
Method 3 —
Here is our third and the last method by the help of which we are going to calculate the variance. Keep in mind that in this method we are going to take the help of standard deviation and the mean to consequently calculate the variance.
- Take the whole population of the series and then find the mean of the given population.
- Once you find the mean then you have to find out the standard deviation of it.
- In order to find out the standard deviation you simply need to subtract the mean from the whole population one by one.
- Now the resulting values have to be squared and summed up together.
- At last you just simply need to divide the sum by the numbers of the population.
This is a very simple and straightforward method without any hectic calculations by the help of which you can calculate the variance. It has no as such specific formula rather it involves some simple understandable steps,however you can develop the formula for the sake of your convenience.