What is variance in statistics and probability?
Unlike range and interquartile range, variance is a measure of dispersion that takes into account the spread of all data points in a data set. It's the measure of dispersion the most often used, along with the standard deviation, which is simply the square root of the variance.
What is the correct formula for variance?
Variance Formulas for Grouped Data
The variance of a population for grouped data is: σ2 = ∑ f (m − x̅)2 / n.