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What is defined as the sum of the squares of a set of terms divided by the number of items in that set?

  1. Standard deviation

  2. Variance

  3. Average

  4. Range

The correct answer is: Variance

The correct answer is variance. Variance is a statistical measurement that represents the degree to which data points in a set differ from the mean of that set. Specifically, it is calculated by taking the sum of the squares of the differences between each data point and the mean, and then dividing that total by the number of items in the set. Variance provides insight into the spread or dispersion of the data. A higher variance indicates that the numbers are more spread out, while a lower variance suggests that they are closer to the mean. This concept is essential in various fields, including finance, science, and engineering, where understanding variability is crucial for data analysis and interpretation. The other concepts are related to data analysis but do not specifically fit the definition given in the question: standard deviation is the square root of variance, average refers to the arithmetic mean of a set, and range measures the difference between the highest and lowest values in a set.