Variance

Definition

The variance defines a measure of the spread or dispersion within a set of

data. There are two types: the population variance, usually denoted
by σ2�2 and the sample variance is usually denoted by s2�2.
Population Variance

The population variance is the variance of the population. To calculate the

population variance, use the
formulaσ2=1NN∑i=1(xi−μ)2�2=1�∑�=1�(��−�)2where N� is the size of
the population consisting of x1,x2,…xN�1,�2,…�� and μ� is the
population mean.
Sample Variance

Usually we only have a sample, the sample variance is the variance of this
sample. Given a sample of data of size n�, the sample variance is calculated
usings2=1n−1n∑i=1(xi−¯x)2.�2=1�−1∑�=1�(��−�¯)2.

Make sure you know when to make this distinction. To use the population
variance you need all of the data available whereas to use the sample
variance you only need a proportion of it. For example, if we take ten words at
random from this page to calculate the variance of their length, a sample
variance would be needed. To find the population variance, the length of
every word on the page would be needed.

https://www.ncl.ac.uk/webtemplate/ask-assets/external/maths-resources/statistics/descriptive-
statistics/variance-and-standard-deviation.html#:~:text=To%20use%20the%20population
%20variance,sample%20variance%20would%20be%20needed.