Variance and Covariance: Simply Explained with Real Life Examples

The simplest way to truly understand #covariance and #variance, two of the frequently used concepts in #statistics and #datascience is to get an intuition beyond the mathematical equation. I would really appreciate letting me know in a comment if my analogy and this explanation made sense for you. It helps me improve my content in the future. Thank you for your #feedback! Contents: 0:00 - Introduction 0:22 - Where does data variability come from? 1:53 - Variance as a variability measure 2:04 - Formula for Variance simply explained 4:16 - What is the relation between Variance and Covariance? 5:44 - Covariance with a real life example 6:26 - Formula for covariance step by step 10:42 - How does covariance measure the direction of relationship? 13:11 - From covariance to correlation 14:00 - Intervals for the strength of the correlation 14:32 - Variance vs Covariance comparison