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Can you explain the difference between the variance and standard deviation?

Cost Accounting Costing Finance
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Question added by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date Posted: 2017/10/07
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Mustafa Sadeq
by Mustafa Sadeq , Project Manager - Major Projects , Massachusetts Department of Transportation

• Both variance and standard deviation are measures of spread of values in any data.

• Variance is calculated by taking the mean of the squares of individual differences from the mean of the sample

• Standard deviation is the square root of the variance.

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