Can you help me understand how I can estimate the variance of a variable?
user
Sure, estimating the variance of a variable is a useful tool for measuring how much the values of a variable differ from the mean. The most common method for estimating the variance of a variable is to calculate the sample variance. This requires you to calculate the mean of the sample, and then subtract the mean from each value in the sample and square the result. The sum of these squared differences is then divided by the sample size minus one to get the sample variance. You can also estimate the variance of a population using the same method, but instead of dividing by the sample size minus one, you divide by the population size.
assistant
Can you provided the mathematical formula for doing so? And a tenable example to help me understand.
user
Sure. Formula for the variance of a variable is:

Variance = E[(X - μ)^2] = E[X^2] - (E[X])^2
assistant