variance

Vocabulary Word

Definition

'Variance' is a technical term often used in research and statistics. It measures how spread out a group of numbers is. Higher variance means the numbers are more spread out, lower variance means they're closer together.

Examples in Different Contexts

In business analytics, 'variance' is analyzed to understand performance discrepancies. A business analyst might note, 'Examining variance in our sales data allows us to pinpoint areas of inconsistency and optimize our sales strategies for improved business outcomes.'

Practice Scenarios

Business

Scenario:

The significant difference between our Q4 projections and the actual sales numbers need a detailed review.

Response:

With the variance in Q4 sales and projections, we might need to revise our strategy.

Impact

Scenario:

Despite implementing the same waste reduction protocol across all departments, the results aren't consistent.

Response:

To reduce variance in results, we may need to conduct training on the new policy across all departments.