How to find variance?

Finding variance involves calculating the average squared deviation from the mean. This statistical measure quantifies the dispersion or spread of data points in a data set. Understanding variance is essential for assessing data variability and is a foundational concept in statistical analysis and quality control.

Tips to find variance

Here are some tips to consider when you’re trying to find variance:

1. Calculate the Mean: Determine the mean (average) of your data set.

2. Compute Squared Deviations: Subtract the mean from each data point, square the result, and sum these squared deviations.

3. Divide by the Number of Observations: Divide the total squared deviations by the number of observations (for population variance) or by the number of observations minus one (for sample variance).

Use Narrative BI to find variance

Narrative BI is a generative analytics platform that automatically turns your data into actionable data narratives. To find variance with Narrative BI, follow the steps below:

  • Connect your data source directly to Narrative BI or upload a spreadsheet to the AI Data Analyst tool.
  • Explore the feed of automatically generated insights.
  • Ask questions to uncover strategies and actions to find variance.
  • Get AI-generated answers, automated reports, and insights.
AI Data Analyst feed
Get ai answers

Suggested questions to ask AI Data Analyst to find variance

AI Data Analyst from Narrative BI is an advanced Generative Business Intelligence tool that leverages AI to provide actionable insights from your data. It allows you to upload spreadsheets or directly connect various data sources, ask questions using natural language queries, and get actionable answers. You can use the following AI Data Analyst prompts to find variance:

What is the variance in our monthly sales figures for the past year?

How does the variance in customer satisfaction scores compare between different regions?

What is the variance in our marketing campaign ROI across different channels?

How does the variance in production costs affect our overall profitability?

Get started now
Get Started

Thank you for your interest!

Please leave your email address to learn more about Narrative BI and be the first to try our platform.
Narrative BI Close button
Thank you!
We’re so glad you’re interested in seeing Narrative BI in action
Narrative BI Close button

Thank you for your interest!

Please leave your email address and we will get back to you to learn more about your specific needs.
Narrative BI Close button