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Glossary
Variance
The variance is a measure of how widely dispersed the values are in
a distribution, and thus is an indication of the risk of the
distribution. It is calculated as the average of the squared
deviations about the mean. The variance gives disproportionate
weight to outlying values that are far from the mean. The variance
is the square of the standard deviation. RiskyProject presents range
as part of results for Monte Carlo simulations for project and for
tasks.
where
m
is mean,
s
is standard deviation and n is number of samples (number of
Monte Carlo simulations).
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