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variance - Meaning and Examples

Meaning of 'variance' (Webster Dictionary)

1 . Variance [ n.]
- The quality or state of being variant; change of condition; variation.
- Difference that produce dispute or controversy; disagreement; dissension; discord; dispute; quarrel.
- A disagreement or difference between two parts of the same legal proceeding, which, to be effectual, ought to agree, -- as between the writ and the declaration, or between the allegation and the proof.

Meaning of 'variance' (Princeton's WordNet)

1 . variance [ n]
Meaning (1):
- a difference between conflicting facts or claims or opinions
Example in sentence:
  • a growing divergence of opinion
Meaning (2):
- an official dispensation to act contrary to a rule or regulation (typically a building regulation)
Example in sentence:
  • a zoning variance
Meaning (3):
- an activity that varies from a norm or standard
Example in sentence:
  • any variation in his routine was immediately reported

Nearby Words:

vara varan varangian varanus vare varec vari variability variable variableness

See 'variance' also in:

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Related Definitions

  • Variance forecasting
    Variance forecasting is a measure that utilizes a demand and availability forecast to determine whether an organization has the ability to meet future manpower needs.
  • Analysis of variance
    Analysis of variance is a method of testing if real differences exist between sections of a population which is being sampled
  • Analysis of variance
    Analysis of variance is a statistical method used to determine whether a relationship exists among two or more variables by formulating concurrent comparisons of the variables.
  • Direct labor variance or total labor variance
    The direct labor variance or total labor variance is the difference between the actual hours times the actual rate and the standard hours times the standard rate for labor.
  • Labor price variance
    Labor price variance is the difference between the actual hours times the actual rate and the actual hours times the standard rate for labor.
  • Labor quantity variance
    Labor quantity variance is the difference between the actual hours times the standard rate and standard hours times the standard rate for labor.
  • Materials price variance
    Materials price variance is the difference between the actual quantity times the actual price and the actual quantity times the standard price for materials.
  • Materials quantity variance
    Materials quantity variance is the difference between the actual quantity times the standard price and the standard quantity times the standard price for materials.
  • Overhead controllable variance
    Overhead controllable variance is the difference between normal capacity hours and standard hours allowed times the fixed overhead rate.
  • Total labor variance
    Total labor variance is the difference between actual hors times the actual rate and standard hours times the standard rate for labor.

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