What are the different types of variance in statistics?

What are the different types of variance in statistics?

In statistics, variance measures how far a set of numbers is spread out. The main types include population variance and sample variance.

Can you explain the difference between population variance and sample variance?

Sure! Population variance considers all members of a population, while sample variance is calculated from a subset of the population.

What formulas are used to calculate these variances?

The formula for population variance is σ² = Σ (xi - μ)² / N, and for sample variance, it's s² = Σ (xi - x̄)² / (n - 1).

Why do we divide by (n-1) for sample variance?

We divide by (n-1) to correct for bias in the estimation of the population variance from a sample, known as Bessel's correction.