Variance

A special exemption of a zoning law to allow the property to be used in a manner different from an existing law.

The amount of deviation from the expectation you can expect. The house edge on a bet.

A measure of the up and down swings your bankroll goes through. Variance is not necessarily a measure of how well you play. However, the higher your variance, the wider swings you'll see in your bankroll.

A statistical term representing a measure of the dispersion of data from the overall mean. Used to quantify the variability of a population.

The relaxation of requirements of a zoning district for a specific parcel or tract of land. Variances are often issued to avoid unnecessary hardships to a landowner.

A measure of variability.

where n is the number of samples, x_i is the value of sample i, is the mean of the samples, and ² is the variance. Note: The square root of the variance, , is the standard deviation.