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Coefficient of Variation Formula:
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The Coefficient of Variation (CV) is a statistical measure of the dispersion of data points in a data series around the mean. It represents the ratio of the standard deviation to the mean, and it's often expressed as a percentage.
The calculator uses the Coefficient of Variation formula:
Where:
Explanation: The CV is useful because it shows the extent of variability in relation to the mean of the population. A lower CV indicates less variability relative to the mean, while a higher CV shows more variability.
Details: The CV is particularly useful when comparing the degree of variation from one data series to another, even if the means are drastically different from each other. It's commonly used in quality control, finance, and laboratory measurements.
Tips: Enter the standard deviation and mean values in the same units. Both values must be positive, and the mean cannot be zero (division by zero is undefined).
Q1: What is a good CV value?
A: In laboratory settings, CV < 10% is generally considered acceptable, but this varies by field. Lower CV values indicate more precise measurements.
Q2: How does CV differ from standard deviation?
A: While standard deviation measures absolute variability, CV measures relative variability, making it useful for comparing datasets with different units or means.
Q3: When should I use CV instead of standard deviation?
A: Use CV when you want to compare variability between datasets with different means or different units of measurement.
Q4: Can CV be greater than 100%?
A: Yes, when the standard deviation is larger than the mean, the CV will exceed 100%. This often occurs with highly variable data.
Q5: What are the limitations of CV?
A: CV shouldn't be used for interval scale data with a true zero point (like temperature in Kelvin) and can be misleading when mean values are close to zero.