<ul><li>Variance is used to calculate how much individual data points differ from the mean (average) of the dataset.</li><li>A larger variance indicates that the data points are more spread out from the mean, while a smaller variance indicates that the data points are closer to the mean.</li><li>In practice, the primary measure used to assess the spread or variability of data is the standard deviation.</li><li>There is no mandatory need to calculate the variance unless you specifically require it for a particular statistical analysis.</li></ul>

Variance: A Measure of Data Spread

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