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Coefficient of Variation Formula:
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The Coefficient of Variation (CV) is a statistical measure of the relative variability of a dataset. It expresses the standard deviation as a percentage of the mean, allowing for comparison of variability between datasets with different units or widely different means.
The calculator uses the Coefficient of Variation formula:
Where:
Explanation: The CV normalizes the standard deviation by dividing it by the mean and multiplying by 100 to express it as a percentage, making it easier to compare variability across different datasets.
Details: CV is particularly useful in fields like finance, quality control, and laboratory sciences where comparing the relative variability of different measurements is important. It helps identify which datasets have more consistent results relative to their average values.
Tips: Enter the mean and standard deviation values. Both values must be positive (mean > 0, standard deviation ≥ 0). The calculator will compute the CV as a percentage.
Q1: What is considered a good Coefficient of Variation?
A: Generally, CV < 15% indicates low variability, 15-30% moderate variability, and >30% high variability, but this varies by field and application.
Q2: When should I use CV instead of standard deviation?
A: Use CV when comparing variability between datasets with different units or means. Use standard deviation when comparing variability within the same dataset or when means are similar.
Q3: Can CV be negative?
A: No, CV cannot be negative since both standard deviation and mean (when used in CV calculation) are non-negative values.
Q4: What are the limitations of CV?
A: CV becomes unreliable when the mean is close to zero, and it's not suitable for interval scales that have a true zero point.
Q5: In which fields is CV commonly used?
A: CV is widely used in finance (investment risk analysis), quality control (process consistency), laboratory sciences (assay precision), and economics (income inequality).