Coefficient of variation

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Coefficient of Variation

The Coefficient of Variation (CV), pronounced as /koʊˈɛfɪʃənt ɒv ˌvɛəriˈeɪʃən/, is a statistical measure that describes the relative variability of a dataset in relation to its mean. It is often expressed as a percentage. The coefficient of variation is a useful statistic for comparing the degree of variation from one data series to another, even if the means are drastically different from each other.

Etymology

The term "Coefficient of Variation" comes from the field of statistics. The word "coefficient" is derived from the Latin co-, meaning "together", and efficient, meaning "effective". The term "variation" comes from the Latin variatio, meaning "difference" or "divergence".

Definition

The Coefficient of Variation is defined as the ratio of the standard deviation to the mean (average). It is often expressed as a percentage by multiplying the ratio by 100. The formula for the coefficient of variation is:

CV = (Standard Deviation / Mean) * 100%

Usage

The Coefficient of Variation is widely used in the fields of probability theory and statistics, finance, and medicine, among others. In medicine, it is often used in laboratory tests to measure the variability of biological markers.

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