Related: Variance Analysis: Definition, Types, Formulas and Examples How is variance used? You can also use variance in statistical inferences, hypothesis testing, Monte Carlo methods (random sampling) and goodness-of-fit analysis, each of which can help you understand data and data sets more effectively. You can use variance to determine how far each variable is from the mean and how far each variable is from one another. Variance is a calculation that considers random variables in terms of their relationship to the mean of its data set. View more jobs on Indeed View More What is variance?
