variance

Definitions (2)
Related Terms
1. The difference between an expected and actual result, such as between a budget and actual expenditure.
2. Statistics: The arithmetic mean of the squares of the deviations of all values in a set of numbers from their arithmetic mean. Variance and its square root (the standard deviation) are of fundamental importance as a measure of dispersion.

Use 'variance' in a Sentence

There was a lot of variance in our budget this year, so we will have to cut back on the number of yacht trips that we take.
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There is a large variance between what the company predicted it was going to make and what the company actually made.
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