Think Logically
Variables While a “variable” in algebra really just means one thing–an unknown value–you’ll come across dozens of types of variables in statistics. Some are used more than others. For example, you’ll be much more likely to come across continuous variables than you would dummy variables. Click on a variable name to learn more about that …
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 …