To calculate the variance and standard deviation of a dataset using the VAR and STDEV functions in Excel, follow these steps:
- Enter your dataset into a column in Excel.
- Use the VAR function to calculate the variance. In an empty cell, enter "=VAR(" and then select the range of cells that contains your dataset. Close the parenthesis and press Enter. The result will be the variance of the dataset.
- Use the STDEV function to calculate the standard deviation. In an empty cell, enter "=STDEV(" and then select the range of cells that contains your dataset. Close the parenthesis and press Enter. The result will be the standard deviation of the dataset.
Note: The VAR.S and STDEV.S functions can also be used instead if you are working with a sample dataset. The VAR.P and STDEV.P functions are used to calculate the variance and standard deviation of a population dataset.