Is variance the difference between mean and median?
Actually, variance is the square of the standard deviation. They are both used to describe the spread or dispersion in a set of data (i.e. how data values differ from each other). Mean is just concerned with your typical average of a set of data values, usually near the center of the data but not necessarily since it gets affected by the amount of extremely large and extremely small values. It’s the layman’s notion of an average because it’s the most commonly used. It’s the sum of values divided by the total number of values. There are other types of “averages”. Median is the exact center value of a given data. Like for example in {1, 2, 3}: 2 is the median but in {1,2,3,4}, 2.5 is the median. Mode is the data value which occurs the most frequently. For example in {1, 2, 2} 2 is the mode. The variance, though, can be considered as the summation of squared differences of each data value from the mean divided by the number of data values. So it’s like the average of the squared differenc
