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Coefficient of Variation
The standard deviation discussed above is an absolute measure of dispersion. The corresponding relative measure is known as the coefficient of variation. This relative measure of dispersion based upon standard deviation is also called coefficient of standard deviation.
It is used in such problems where we want to compare the variability, homogeneity, stability, uniformity and consistency of two or more series. That series for which the coefficient of variation is greater is said to be more variable or conversely less consistent, less uniform, less stable or less homogeneous. On the other hand, the series for which the Coefficient of Variation is less, is said to be less variable or more consistent, more uniform, more stable or more homogeneous.
Mode Mode is the value of the observation which occurs with the greatest frequency and thus it is the most fashionable value, Mode has been derived from French word La m
Empirical Mode Where mode is ill-defined, its value may be ascertained by the following formula based upon the empirical relationship between Mean, Median and Mode: Mode = 3
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