Asked by Firzah Barawas on May 14, 2024
Verified
Two uses for the population variance are to measure risk and consistency.
Population Variance
A measure that indicates the spread of a set of data points in a population by calculating the average of the squared differences from the mean of the population.
Risk
Risk refers to the potential for losing something of value or the possibility of an event occurring that would lead to a negative outcome.
Consistency
Consistency in data or methodologies indicates that the results or approaches remain steady and unvarying over multiple trials or instances.
- Comprehend the application of variance within statistical analysis.
Verified Answer
LD
Leslie DotsonMay 18, 2024
Final Answer :
True
Explanation :
The population variance is commonly used as a measure of risk in finance and statistics, and it is also used to measure the consistency and variability of data points in a population.
Learning Objectives
- Comprehend the application of variance within statistical analysis.