variance

[ˈvɛərɪəns]

variance Definition

• 1. the fact or quality of being different, divergent, or inconsistent
• 2. a discrepancy between two or more things

Using variance: Examples

Take a moment to familiarize yourself with how "variance" can be used in various situations through the following examples!

• Example

  There is a significant variance in the test scores of the students.

• Example

  The variance between the two products was noticeable.

• Example

  The company's financial report showed a high variance in profits.

variance Synonyms and Antonyms

Synonyms for variance

• difference
• discrepancy
• variation
• inconsistency
• divergence

Antonyms for variance

• consistency
• uniformity
• agreement

Phrases with variance

• variance analysis

  an examination of the differences between planned and actual performance

  Example

  The management team conducted a variance analysis to identify areas for improvement.

• variance ratio

  a measure of the variability of a set of data

  Example

  The variance ratio indicated that the data was highly variable.

• variance inflation factor

  a measure of the degree of multicollinearity in a regression analysis

  Example

  The variance inflation factor was used to assess the validity of the regression model.

Origins of variance

from Latin 'variantia', meaning 'diversity'

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Summary: variance in Brief

The term 'variance' [ˈvɛərɪəns] refers to the quality of being different or inconsistent. It can be used to describe discrepancies between two or more things, such as test scores or financial reports. 'Variance' extends into phrases like 'variance analysis,' which examines differences between planned and actual performance, and 'variance ratio,' which measures the variability of a set of data.