Analysis of variance (ANOVA) is a statistical analysis tool that separates the total variability found within a data set into two components: random and systematic factors.

Data analytics is a discipline focused on extracting insights from data, including the analysis, collection, organization, and storage of data, as well as the tools and techniques to do so.

Variance is a measurement of the spread between numbers in a data set. Investors use the variance equation to evaluate a portfolio’s asset allocation.