Covariance: An Overview. Variance refers to the spread of a data set around its mean value, while a covariance refers to the measure of the directional relationship between two random variables.
) Distinguish clearly between analysis of variance and analysis of covariance.
variance - covariance - how to calculate and its uses
A mix of linear regression and analysis of variance. analysis of covariance is responsible for intergroup variance when analysis of variance is performed.
Briefly, the variance for a variable is a measure of the dispersion or spread of scores. Covariance indicates how two variables vary together. The variance-covariance matrix is a compact way to present data for your variables. The variance is presented on the diagonal (where the column and row intersect for the same variable), while the covariances reside above or below the diagonal.
look in a maths dictionary
ANOVA characterises between group variations, exclusively to treatment. In contrast, ANCOVA divides between group variations to treatment and covariate. ANOVA exhibits within group variations, particularly to individual differences.
Favourable variance is that variance which is good for business while unfavourable variance is bad for business
A budget "variance" is the difference between planned and actual performance.
A budget "variance" is the difference between planned and actual performance.
Here's a link to a website that has an example http://www.itl.nist.gov/div898/handbook/pmc/section5/pmc541.htm and another example for understanding covariance and variance http://www.visualstatistics.net/Visual%20Statistics%20Multimedia/covariance.htm
Difference between actual amount and budgeted amount is called "Variance" and variance analysis is done to find out the reasons for variance
You need to use the variance and covariance functions in Excel 1. Calculate the covariance of the stock returns with respect to an index 2. Calculate the variance of the index 3. Divide the first number by the second. See the related link for a spreadsheet