The document provides steps to calculate variance of an array using dynamic memory allocation in C. It explains what variance is, shows an example to calculate variance of a sample array by finding the mean, deviations from mean, squaring the deviations and calculating the average of squared deviations. The key steps are: 1) Read array size and elements, 2) Calculate mean, 3) Find deviations from mean, 4) Square the deviations and store in another array, 5) Calculate average of squared deviations to get variance.