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View Poll Results: Which represents variance?
Variance = E[(X-E[X])^2] = E[X^2] - E[X]^2 74 60.16%
Variance = Amount this month - Amount last month 6 4.88%
Both of the above 34 27.64%
Variance = E[42] 9 7.32%
Voters: 123. You may not vote on this poll

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  #11  
Old 02-08-2016, 01:21 PM
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variancemagazine.com

variance.fr

(Careful with the second one)
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  #12  
Old 02-08-2016, 02:09 PM
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Quote:
Originally Posted by clarinetist View Post
I've heard this.

At a previous company, when talking about differences in general, I heard "variance" used.
Oh, the accountants labeled it variance, but the actuary liked to say "delta."
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  #13  
Old 02-09-2016, 03:58 PM
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Quote:
Originally Posted by whoanonstop View Post
The reason for this thread is that I've yet to see variance defined in a business environment as the mathematical construct. It is almost always a change or difference from month to month.

We sold 40 oranges last month and 50 oranges this month. Our "variance" is 10 for oranges sold.

-Riley
if you can call that variance then I can call myself an actuary

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  #14  
Old 02-09-2016, 04:49 PM
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Quote:
Originally Posted by whoanonstop View Post
The reason for this thread is that I've yet to see variance defined in a business environment as the mathematical construct. It is almost always a change or difference from month to month.

We sold 40 oranges last month and 50 oranges this month. Our "variance" is 10 for oranges sold.

-Riley
Ive seen this as well. Usually I see reports with 'variance from target'.

Ive also seen some gross misuse of credibility formulas.
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  #15  
Old 02-10-2016, 08:40 PM
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Quote:
Originally Posted by actuarialyle View Post
if you can call that variance then I can call myself an actuary

not really.

The term they're looking for is "variation". Are you currently an "actuariation"?
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  #16  
Old 02-15-2016, 05:23 PM
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Originally Posted by Neutral Omen View Post
not really.

The term they're looking for is "variation". Are you currently an "actuariation"?
that sounds cooler so yes

and don't forget the capital A

Actuariation
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  #17  
Old 07-19-2016, 02:46 PM
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I use to work at a place where we called it variance. I remember it was my first desk job as an analyst and I thought oh goody cool we were going to be calculating some complex math stuff.

Nope, it was the difference between two time periods of performance.
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  #18  
Old 07-19-2016, 10:03 PM
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Four columns in a recurring presentation: LY Actual, TY Budget, TY Actual, Variance

Variance=TY Actual-TY Budget

It's a sensible usage. There are no probability distributions in sight, just normal non-wiggly numbers and you can pick it up from context.

The word variance has a number of definitions in the dictionary and they're all reasonably related to the etymological derivation of variance.

Usage where variance refers to a difference between two comparable quantities is actually closer to the way the term "variance" is used in law.
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  #19  
Old 11-16-2016, 08:09 PM
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These variances are making me thirsty
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  #20  
Old 11-16-2016, 10:54 PM
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Depends on whether you're talking to an ivory tower type or the real world.
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