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[Mathematics | Probability | Statistics | Distribution] The variance of a set of numbers is the measure of how spread out they are. A variance of zero indicates that there is no variance which means all of the values are the same. Variance can never be represented with a negative number. The higher the variance the more spread out the values in the data set are.
Variance of a binomial experiment is equal to the amount of trials multiplied by the success rate and failure rate.
Variables:
n = Number of Trials
p = Success Rate
q = Failure Rate (Calculated as 1 - p)
Equation:
n⋅p⋅q
