Question
What is coefficient of variation? What purpose does it serve?
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Answer
Coefficient of variation is an important relative measure of dispersion. It is defined and given by:
C.V. $=\frac{\sigma}{\bar{\text{X}}}\times100$
Uses of Coefficient of Variation: It is used to compare variability, homogeneity, stability, consistency and uniformity of two or more series. The series having less value of the coefficient of variation is considered more consistent in comparison to a series having a higher value of the coefficient of variation.
C.V. $=\frac{\sigma}{\bar{\text{X}}}\times100$
Uses of Coefficient of Variation: It is used to compare variability, homogeneity, stability, consistency and uniformity of two or more series. The series having less value of the coefficient of variation is considered more consistent in comparison to a series having a higher value of the coefficient of variation.
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