Define coefficient of variation and provide examples.
Understand the Problem
The question asks for a definition of the coefficient of variation and seeks examples to illustrate its application. This involves explaining what the coefficient of variation (CV) is, how it's calculated, and providing scenarios where it's used to compare the variability of different datasets.
Answer
The coefficient of variation (CV) is a statistical measure that shows the extent of variability in relation to the mean of the population.
The coefficient of variation (CV) is a statistical measure showing the extent of variability in relation to the mean of the population. It is often expressed as a percentage and is calculated as the ratio of the standard deviation to the mean. The CV is particularly useful when comparing the variability of datasets with different units or scales.
Answer for screen readers
The coefficient of variation (CV) is a statistical measure showing the extent of variability in relation to the mean of the population. It is often expressed as a percentage and is calculated as the ratio of the standard deviation to the mean. The CV is particularly useful when comparing the variability of datasets with different units or scales.
More Information
The coefficient of variation is also known as relative standard deviation (RSD).
Tips
A common mistake is to confuse the coefficient of variation with the standard deviation. The coefficient of variation is a relative measure, while the standard deviation is an absolute measure.
Sources
- Coefficient of Variation: Meaning and How to Use It - Investopedia - investopedia.com
- Coefficient of variation - Wikipedia - en.wikipedia.org
- Coefficient of Variation - Meaning, Formula, Examples, Uses - cuemath.com
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