What does a coefficient of variation tell you?
The coefficient of variation (CV) is the ratio of the standard deviation to the mean. The higher the coefficient of variation, the greater the level of dispersion around the mean. It is generally expressed as a percentage. The lower the value of the coefficient of variation, the more precise the estimate.
What is difference between standard deviation and coefficient of variation?
The coefficient of variation (CV) is a measure of relative variability. It is the ratio of the standard deviation to the mean (average). For example, the expression “The standard deviation is 15% of the mean” is a CV.
How do you determine which data set has more variability?
Variability is also referred to as dispersion or spread. Data sets with similar values are said to have little variability, while data sets that have values that are spread out have high variability. Data set B is wider and more spread out than data set A. This indicates that data set B has more variability.
What are the three measures of variability in statistics?
Coefficient of Variation Above we considered three measures of variation: Range, IQR, and Variance (and its square root counterpart – Standard Deviation). These are all measures we can calculate from one quantitative variable e.g. height, weight.
Which data set has the largest variation?
The Range. A range is one of the most basic measures of variation. It is the difference between the smallest data item in the set and the largest. For example, the range of 73, 79, 84, 87, 88, 91, and 94 is 21, because 94 – 73 is 21.