In this lesson, we are going to talk about variance and standard deviation, two very closely related concepts. The variance of a random variable Y is by definition, the expected value of the quantity Y - μ², where μ here is the mean of the random variable, also known as the expected value of the random variable. We use two different notations for the variance. Variance is actually measuring how far the variable Y deviates from its own mean, and you'll learn the most useful way to calculate the variance. We will also define the standard deviation and go through some examples in the end.
Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.