The assignment compares the performance of Variable Bit Rate (VBR) variants with Constant Bit Rate (CBR) for streaming applications. It discusses how VBR takes longer to encode data while providing high-quality media, whereas CBR encodes files for storage purposes with a fixed bitrate. The analysis concludes that VBR is more effective in streaming videos due to its ability to maintain balance between quality and file size, making it suitable for portable devices with limited storage.