When a variance is calculated for a data set, the resulting value is the same regardless of whether the data set is treated as a population or a sample.

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When calculating variance for a data set, the formula differs depending on whether the data set is considered a population (where we divide by N, the total number of observations) or a sample (where we divide by n-1, one less than the number of observations in the sample). This adjustment for the sample variance, known as Bessel's correction, aims to reduce the bias in the estimation of the population variance from a sample.

When a Variance Is Calculated for a Data Set, the Resulting