Calculate variance if condition is met

Hi! I'd like to calculate the variance but only if a condition is met (for example I need the variance for Project A). Can this be done using standard excel formulas/functions?

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How about this:

Formula:

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...confirmed by pressing CTRL+SHIFT+ENTER to activate the array, not just ENTER.
You will know the array is active when you see curly braces { } appear around your formula.
If you do not CTRL+SHIFT+ENTER you will get an error or a clearly incorrect answer.

Perfect! Exactly what I was looking for, thanks.