The approximate analytical solutions of the three-dimensional radial Schrödinger wave equation with a multiple potential function has been studied using a suitable approximation scheme to the centrifugal term in the framework of parametric Nikiforov–Uvarov method. The energy equation and the wave function were obtained. The calculated wave function was used to study Shannon entropy and variance via expectation values. The behaviour of Shannon entropy and variance respectively with the equilibrium bond length were examined in detail. A special case of the multiple potential (pseudoharmonic-like potential) was equally examined under Shannon entropy and variance. For further application of the study, some diatomic molecules were examined under variance and Shannon entropy. Finally, some variance inequalities were derived using Cramer-Rao uncertainty relation and these were justified by numerical results.