Definition
Plain language
How spread out a bunch of numbers are.
As stated in the literature
The expected squared deviation from the mean; 'variance explained' (R-squared) measures the fraction of observed spread accounted for by a fitted model.
Also called: variance explained
Why it matters: How much of the spread a model can explain tells you how much of what you are seeing is understood and how much is still unaccounted for.
For example, two classes can have the same average test score while one has everyone near 70 and the other has half at 40 and half at 100.
Heard on the show
“The solo board is three seeds, and the seed variance is large.”Episode 245 — Fifteen Models Ran Football Clubs for Twenty Years, and Size Didn't Decide It