Glossary

Variance

The variance is a measure of how widely dispersed the values are in a distribution, and thus is an indication of the risk of the distribution. It is calculated as the average of the squared deviations about the mean. The variance gives disproportionate weight to outlying values that are far from the mean. The variance is the square of the standard deviation. RiskyProject shows the range as part of results for Monte Carlo simulations for project and for tasks.

where m is mean, s is standard deviation and n is number of samples (number of Monte Carlo simulations).