Calculate the variance of your dataset. Understand the formula and its use below.
Formula: σ² = Σ ( xi - μ )² / N
Where:
σ² = Variance
Σ = Sum of all values
xi = Each value in the dataset
μ = Mean of the dataset
N = Number of values in the dataset
Uses: Variance measures the spread of data points in a dataset. A higher variance indicates that the data points are more spread out from the mean.