"Whiz" and "wiz" in Wizard of Oz

Solution 1:

Wiz is a short form for Wizard.

In the context above Whiz means:

Whiz

"clever person," 1914, probably a special use of whiz "something remarkable" (1908), an extended sense of whizz; or perhaps a shortened form of wizard. Noun phrase whiz kid is from 1930s, a take-off on a radio show's quiz kid. - Online Etymology

Synonyms for Whiz

ace, genius, virtuoso, prodigy, expert, clever

The Author is using the homonymes whiz and wiz to create a word play. He is saying that the Wizard in the Wizard of Oz is the smartest, cleverest Wizard that exists because of all the wonderful things he does.

The original meaning of Whiz:

Whiz started out as onomatopoeia describing:

  1. To make a whirring or hissing sound, as of an object speeding through air.
  2. To move swiftly with or as if with such a sound; rush: whizzed past on a ten-speed

thank you Jay Elston for the last part

I hope I could help ; )

Solution 2:

Wiz is short for wizard. Whiz means something remarkable.