Variance-covariance-Coorelation
Variance: It is the expectation of the squared deviation of a random variable from its mean. In other words, it measures how far a set of (random) numbers are spread out from their average value. Mathematically, Uses: Variance analysis, also described as analysis of variance or ANOVA, involves assessing the difference between two figures. Covariance: It provides the measure of the strength of the correlation between …