Variance
In statistics, variance is a measure of how spread out a set of data is. It is calculated as the average of the squared differences from the mean. In data science, variance is an important concept in machine learning and predictive modeling. It is used to measure the variability of a dataset and to determine how well a model fits the data. A high variance indicates that the model is overfitting the data, while a low variance indicates that the model is underfitting the data. Variance can be reduced by using regularization techniques such as L1 and L2 regularization, or by using ensemble methods such as bagging and boosting.
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