Excel uses VAR function for determining the residual variance.
The variation of any error is known as residual variance, also known as unexplained variance or error variance.
Depending on the type of analysis you're doing, the precise definition will vary. For instance, random fluctuations in regression analysis produce volatility around the "actual" regression line.There are two components to a regression line's total variance: variation that can be explained and variance that cannot. Simply put, the residual variance after deducting the variation resulting from the regression from the total variance of the dependent variable is the residual variance.
Learn more about residual variance here:
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