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Why is the coefficient of variation important

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Why is the coefficient of variation important? What do we mean when we say that the coefficient of variation has no units? What advantage can there be in having no units? Why is relative size important?

Consider robin eggs; the mean weight of a collection of robin eggs is ounce and the standard deviation is ounce. Now consider elephants; the mean weight of elephants in the zoo is tons, with a standard deviation tons. The units of measurement are different and there is a great deal of difference between the weight of an elephant and that of a robin's egg. Yet the coefficient of variation is about the same for both. Comment on this from the viewpoint of the size of the standard deviation relative to that of the mean.

Reference no: EM132843859

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