Discuss the co efficient of variation also writedown why we
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Answered question
2021-10-09
Answer & Explanation
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Skilled2021-10-10Added 105 answers
Coefficient of variation is a measure of dispersion. It indicates how data values vary from the mean. It is the ratio of the standard deviation to the mean.
It is given by the formula:
It is used to compare results from two different tests that have different values.
Suppose we are comparing the results from two tests. Sample 1 has a CV of 15% and Sample 2 has a CV of 20%, we say that sample 2 has more variation, relative to its mean.
Step 2
If the mean is the expected value, then the coefficient of variation is the expected variability of a measurement, relative to the mean. CV is useful when comparing measurements across multiple heterogeneous data sets or across multiple measurements taken on the same data set.
Coefficient of variation scales the standard deviation using the mean. This allows the comparison of risk for data distributions with different means. For example: Investment A with a mean of $250 and standard deviation of $30 is less risky than investment B with a mean of $100 and a standard deviation of $15.
New Questions in High school statistics
Read carefully and choose only one option
A statistic is an unbiased estimator of a parameter when (a) the statistic is calculated from a random sample. (b) in a single sample, the value of the statistic is equal to the value of the parameter. (c) in many samples, the values of the statistic are very close to the value of the parameter. (d) in many samples, the values of the statistic are centered at the value of the parameter. (e) in many samples, the distribution of the statistic has a shape that is approximately NormalConstruct all random samples consisting three observations from the given data. Arrange the observations in ascending order without replacement and repetition.
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