## Variance Definition

Variance Definition: The difference between standard prices and quantities on the one hand and actual prices and quantities on the other hand.

Variance is a measurement of the spread between numbers in a data set. The variance measures how far each number in the set is from the mean. Variance is calculated by taking the differences between each number in the set and the mean, squaring the differences and dividing the sum of the squares by the number of values in the set.

Variance Definition: The difference between standard prices and quantities on the one hand and actual prices and quantities on the other hand.