Random Variance

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Random Variance

A change in a statistical sample due to chance and not to a change in the underlying data. For example, 47% of one sample may prefer product A to product B, while only 42% do in a second sample. If the change is due to random variance, it does not indicate a decline in support for product A. Various models exist to account for random variance, notably large sample sizes and multiple surveys. See also: Outlier.
References in periodicals archive ?
The observed variances of facets are composed of three elements: common variances, specific variances, and random variances (Nunnally, 1978).
Variances specific to one facet, covariances shared by some facets only, and random variances are treated as error variances in the factor model.