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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.
Two students are sitting in a lecture and considering whether to ask a question from the professor (both of them are considering the same question). If they both ask, the questi
Related Positional Measures Besides median, there are other measures which divide a series into equal parts. Important amongst these are quartiles, deciles and percentiles.
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What is an example of a real life situation when I would use each of these test
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