variance

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Related to variances: standard deviation

Variance

A measure of dispersion of a set of data points around their mean value. The mathematical expectation of the average squared deviations from the mean. The square root of the variance is the standard deviation.

Variance

1. In accounting, the difference between the estimated and actual cost of a project or other operation.

2. In risk, the average deviation of a set of data points from their mean.

variance

A statistical measure of the variability of measured datum from the average value of the set of data. A high variance, indicating relatively great variability, also indicates that the average is of minimal use in projecting future values for the data. Standard deviation is the square root of variance. Financial analysts use both statistical measures to weigh investment risk. Compare covariance. See also risk.

variance

  1. the difference between budgeted and actual results (see BUDGETING), or between STANDARD COSTS/revenues and actual costs/revenues. Variances can be:
    1. adverse or negative when actual revenues fall short of budget or standard, or when actual costs exceed budget or standard;
    2. favourable or positive when actual revenues exceed budget or standard, or when actual costs are less than budget or standard.
    3. a measure of variation within a group of numerical observations, specifically the average of the squared deviations of the observations from the group AVERAGE.

      See STANDARD DEVIATION.

variance

Permission to use a property in a manner that does not meet current zoning requirements.In order to gain a variance,the property owner usually has to show a hardship on the property—not on the owner—if the requested use is not allowed. It is considered a hardship if the property will otherwise remain vacant or if a structurally sound improvement must be demolished to allow some other use. Buyers with a signed purchase contract can usually petition for a variance; this is commonly one of the steps in a due diligence plan that must be completed in a satisfactory manner before the buyer will purchase property.

References in periodicals archive ?
He stated that the total budget and budget variances for the Gambling Authority external trips and travel for the financial years 2016/2017, 2017/2018 and 2018/2019 stood at P630 217, P2 417 136 and P2 348 417 respectively.
(101) "[A]ppellate court[s] must view the evidence and reasonable inferences therefrom in a light most favorable to the decision." (102) Some Missouri appellate decisions specify that the standard is different for use and non-use variances. (103) These opinions state that non-use variances are reviewed only for abuse of discretion.
Conclusions: The present study showed that random regression model of 4 orders for fixed effect, 5 orders for direct genetic effect, 4 orders for direct permanent environmental and 5 order for maternal permanent environmental effects with heterogeneous residual variances, was the greatest for modelling the growth curve in adult Makooei ewes.
Equation (3) indicates that the Allan variance is proportional to the total power output of the random process when passing through a filter with the transfer function of the form [sin.sup.4](x)/[(x).sup.2].
I is identity matrix with the same residual variance in the case of (hom), while with the different vaiance functions in various (het) step function classes.
Assuming the normal homoscedastic (NH) SDT model, and the yes/no experimental paradigms (MacMillan & Creelman, 2005), three main methods have been proposed for calculating the variance of d' (see below for a detailed technical presentation): the exact method of Miller (1996), the approximate method of Gourevitch and Galanter (1967), and the maximum likelihood method of Dorfman and Alf (1968).
The usual sample variance estimator of the population variance was defined as:
Choosing the best random regression model was based on the following statistical criteria: logarithmic maximum likelihood function (LML); Akaike information criterion (AIC); Bayesian information criterion (BIC); number of parameters; and graphical visualization of the estimates of variances and genetic parameters.
We don't know 'true' variance of any security; we don't know its 'true' correlation with other securities; and we certainly don't know the future return on those securities.
By starting with only a framework and developing their own problem, students had to employ critical thinking/analytical skills to 'think' their way through their problem and, in the end, see the total picture of how all the variances interact with the preset plan and the actual results.
Now, the following is a little technical, but, if the reader follows closely, he or she will see that the ZBA has little choice but to deny these two variances:
SOME EQUIPMENT IS NOT AUTHORIZED A VARIANCE BECAUSE THE SERVICE IS CONSIDERED TOO CRITICAL.