noun a formal permission granted to do something that is not usually allowed
In finance, variance is used to measure the volatility of an asset's price.
In genetics, variance is used to measure the variability of a trait within a population.
In statistics, variance measures how spread out the values in a data set are around the mean.
In engineering, variance is used to assess the variability of a process or system.
In physics, variance can refer to the square of the standard deviation in a probability distribution.
In the field of writing, variance may refer to the difference or deviation in style, tone, or approach between different pieces of writing or between different authors. It can also be used in the context of editing to indicate the amount of change or revision made to a piece of writing.
Psychologists may use variance in the context of statistical analysis to measure the spread or dispersion of data points in a set of observations. It can also be used in the context of behavioral psychology to describe the range of responses or behaviors exhibited by individuals in a given situation.
Financial analysts use variance to analyze the difference between expected and actual financial performance. They calculate and interpret variances in revenues, expenses, profits, and other financial metrics to assess the financial health and performance of a company or investment.
In quality control, variance is used to measure the deviation or difference in product specifications or characteristics from the desired or expected standards. Quality control specialists analyze variances to identify and address issues in manufacturing processes and ensure consistent product quality.