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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 represents the ratio of the standard deviation to the mean, expressed as a percentage. CV is particularly useful for comparing the degree of variation between different 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, allowing for meaningful comparisons between datasets with different scales.
Details: CV is widely used in various fields including finance, quality control, laboratory analysis, and research. It helps assess the reliability and precision of measurements, compare variability across different groups, and make informed decisions based on relative dispersion.
Tips: Enter the mean and standard deviation values. Both values must be positive (mean > 0). The calculator will compute the CV and display it as a percentage.
Q1: What is a good Coefficient of Variation value?
A: Generally, CV < 15% is considered low variability, 15-30% moderate variability, and >30% high variability. However, acceptable ranges vary by industry and application.
Q2: Why use CV instead of standard deviation alone?
A: CV allows comparison of variability between datasets with different units or means, while standard deviation alone is scale-dependent.
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 with arbitrary zero points.
Q5: How is CV used in quality control?
A: In manufacturing and laboratory settings, CV helps monitor process consistency and measurement precision over time.