This action computes the variance, which measures the amount of variation or dispersation in a sample of data points.
- [ I ] List of numbers: Double (List) representing data points for computing the variance.
- [ O ] Variance: Double (Single Value) representing the statistical measure of variability in the data set obtained from the input list.
The List Variance action uses the Sample Variance formula:
- Drag the List Variance action from the Community-Made folder to the canvas.
- Declare the variables to be used with the List Variance action.
- Assign the newly created variables.
- Save & Run the process and then Check Instance to see the output.
- In market research, you may use the List Variance action to analyze survey data related to consumer preferences or behavior. By understanding the variation in responses, you can tailor your marketing strategies and product offerings to specific target audiences, making informed decisions to improve your business performance.
- If you have a sample of data from a larger population, you should use the List Variance action to correct for the bias introduced by using a smaller sample, this action is best used when dealing with a limited set of data. If you are dealing with a full population (i.e., you have data for every member of the population), you should NOT use the List Variance action.
- Franck - The Productivity Lab