Variance is also closely related to uncertainty. In statistical inference, variance is used to estimate the uncertainty around parameter estimates - like mean or regression coefficients.
Variance is a statistical measure that quantifies the dispersion/variability of a set of data points. It provides info about how spread out the data is around the mean - how much does an individual point deviate from the average?
When assessing an ML or statistical model, variance is used to assess the model's performance: high variance can indicate overfitting. When used for feature selection, low variance suggests that a feature will have minimal impact of the target variable and not provide useful info
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