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Variances Meaning: Definition, Examples, and Translations

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variances

[ˈvɛːrɪənsɪz ]

Definitions

Context #1 | Noun

in statistics

Differences or discrepancies between data points in a sample or population. Variances are used to measure the spread or dispersion of data points.

Synonyms

differences, discrepancies, variations.

Which Synonym Should You Choose?

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Word Description / Examples
variances

Used in legal or financial settings to describe differences from an expected standard or norm, often in business reports, finance, accounting, or statistics.

  • The financial analyst noted several key variances in the quarterly report.
  • The variance between the budgeted and actual costs was significant.
differences

Used in general contexts to describe any distinctions or contrasts between two or more things.

  • There are significant differences between the two proposals.
  • The differences in their personalities made the conversation interesting.
discrepancies

Often used when highlighting inconsistencies or mismatches, especially in data, records, or statements. It may carry a slightly negative connotation, implying an error or problem.

  • The auditor found discrepancies in the financial records.
  • There are discrepancies between the inventory report and the actual stock.
variations

Used to describe slight changes or deviations within a general scope, often related to changes over time or among different conditions.

  • There are minor variations in the recipe depending on the region.
  • Weather variations can significantly impact crop yields.

Examples of usage

  • The variances in test scores among the students were quite significant.
  • Understanding the variances in the data is crucial for accurate analysis.
Context #2 | Noun

in legal terms

Differences or disagreements between parties in a legal case. Variances may lead to disputes or litigation.

Synonyms

disagreements, discrepancies, dissimilarities.

Which Synonym Should You Choose?

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Word Description / Examples
variances

Use this in professional or statistical settings when referring to differences in data or measurements.

  • The variances in the experimental results were analyzed to understand the underlying patterns.
  • The financial report highlighted significant variances in quarterly earnings.
discrepancies

Use when pointing out inconsistencies, often in records, accounts, or reports.

  • The auditor found discrepancies in the company's financial statements.
  • There were discrepancies between the two versions of the story.
disagreements

Apply when discussing conflicts or differences of opinion between people, often in social or professional interactions.

  • There were several disagreements during the meeting regarding the project's direction.
  • The siblings had frequent disagreements about household chores.
dissimilarities

Best suited for highlighting differences in characteristics, traits, or features between objects, concepts, or people.

  • The dissimilarities between the two artworks were immediately noticeable.
  • Despite their dissimilarities, the two cultures share some common values.

Examples of usage

  • The variances in the witness testimonies caused confusion in the court.
  • The lawyer highlighted the variances in the evidence presented.
Context #3 | Noun

in quality control

Deviations from a standard or specification. Variances in quality control may indicate defects or issues in production.

Synonyms

deviations, discrepancies, nonconformities.

Which Synonym Should You Choose?

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Word Description / Examples
variances

Useful when discussing differences that occur in financial reports, statistics, or any kind of measurement. Can imply normal differences or acceptable ranges.

  • The variances in the yearly budget were discussed during the meeting.
  • There are variances in the temperature readings throughout the week.
deviations

Appropriate when referring to something that strays from a set path, standard, or norm. Often used in scientific, technical, or precise contexts.

  • Any deviations from the expected results must be documented.
  • There was a deviation from the flight plan due to weather conditions.
discrepancies

Best used when referring to inconsistencies or contradictions between different sets of data or information. Can often imply a problem or error that needs to be addressed.

  • There are discrepancies in the inventory records that need to be reconciled.
  • The report showed several discrepancies in the accounts.
nonconformities

Commonly used in quality control and compliance contexts to indicate failure to meet standards, specifications, or requirements. Usually carries a negative connotation.

  • The inspection revealed multiple nonconformities in the manufacturing process.
  • Nonconformities in the product design were identified during the quality audit.

Examples of usage

  • The inspector noted variances in the dimensions of the products.
  • Addressing variances in the production process is essential for maintaining quality.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Mathematics

  • In statistics, variance measures how far a set of numbers is spread out from their average – it helps understand data distribution.
  • A higher variance indicates that the numbers in a dataset are more spread out, while a lower variance means they are closer to the mean.

Psychology

  • In psychological studies, variances in behaviors or responses among different groups can reveal important insights about human nature.
  • Understanding variance in personality traits can help researchers develop better methods for personal improvement and therapy.

Economics

  • In finance, variance is used to assess the risk and volatility of an investment, guiding investors in their decision-making.
  • Economic variances can indicate fluctuations in markets, influencing policy decisions by governments and central banks.

Cultural Perspectives

  • Cultural variances can highlight differences in traditions, behaviors, and beliefs across various societies, promoting understanding and empathy.
  • We often celebrate variances in art and music, where different styles and approaches reflect diverse cultural identities.

Origin of 'variances'

Main points about word origin

  • The word comes from the Latin 'variantia,' which means 'difference' or 'change'.
  • Its use in English dates back to the late 14th century, originally referring to different versions of texts or songs.

The term 'variances' originated from the Latin word 'variantia,' which means difference or change. It has been widely used in various fields such as statistics, law, and quality control to indicate discrepancies or deviations from a norm. The concept of variances plays a crucial role in data analysis, legal proceedings, and ensuring product quality.

Word Frequency Rank

At position #13,498, this word is part of sophisticated English vocabulary. It's useful for academic or professional contexts where precise language is needed.