![]() ![]() If we treat our data set as the population, then the variance for Arun is 1275, and the variance for John is 162.5. This change is taken care of by Excel with two different functions: =VAR.P() for population variance, and =VAR.S() for sample variance. However, when we compute the variance for a sample, we divide the sum of squared deviations by (n-1). When we are computing the variance for a population, we divide the sum of squared deviations by n. We have already seen that variance is nothing but the average of the squared deviations. ![]() The calculation of variance differs slightly depending on whether the data set describes a sample or the entire population. The higher the value of the range, the greater is the spread of the data. The difference between the two is the range. The =MAX() and =MIN() functions would find the maximum and the minimum points in the data. The formula would be =MAX()-MIN() where the dataset would be the referenced in both the parentheses. However, we can easily compute it by subtracting the minimum value from the maximum value. Excel does not offer a function to compute range. ![]()
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