Explain Coefficient of Variance with an example.Please.I have an exam tomorrow
Dear STudent,
Coefficient of Variation is the percentage variation in mean, standard deviation being considered as the total variation in the mean. If we wish to compare the variability of two or more series, we can use the coefficient of variation. The series of data for which the coefficient of variation is large indicates that the group is more variable and it is less stable or less uniform. If a coefficient of variation is small it indicates that the group is less variable and it is more stable or more uniform.
Formula for Coefficient of Variance:-
Coefficient of Variation CV = Standard Deviation / Mean
In other words coefficient of variation is defined ratio of the Standard Deviation to the Mean. The value of CV is calculated only for non-zero mean.
Example:
Coefficient of Variation is the percentage variation in mean, standard deviation being considered as the total variation in the mean. If we wish to compare the variability of two or more series, we can use the coefficient of variation. The series of data for which the coefficient of variation is large indicates that the group is more variable and it is less stable or less uniform. If a coefficient of variation is small it indicates that the group is less variable and it is more stable or more uniform.
Formula for Coefficient of Variance:-
Coefficient of Variation CV = Standard Deviation / Mean
In other words coefficient of variation is defined ratio of the Standard Deviation to the Mean. The value of CV is calculated only for non-zero mean.
Example: