Sample Variance Notes: Definitions & Explanations PDF | Download eBooks

Study Sample Variance lecture notes PDF with total quality management definitions and explanation to study What is Sample Variance?. Study sample variance explanation with TQM terms to review total quality management course for online MBA programs.

Sample Variance Notes:

Statistics is used to analyze the collected data and represent it in an appropriate manner. Variation can occur in a set of data. When a sample is drawn out of the whole population, the sample contains some variation. This variation is determined by calculating variance of the sample. Sample variance shows how far each value of the data is from the mean of the sample. Sample variance is calculated by subtracting each data value from sample mean. These values are then squared off and all the squared values are added. The sum of squared values is then divided by the number of data values in the sample. Small variance value shows low risk and low variability as all the data values are close to the sample mean.

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