=+4.28 The standard deviation alone does not measure relative variation. For example, a standard deviation of
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=+4.28 ● The standard deviation alone does not measure relative variation. For example, a standard deviation of $1 would be considered large if it is describing the variability from store to store in the price of an ice cube tray. On the other hand, a standard deviation of $1 would be considered small if it is describing store-to-store variability in the price of a particular brand of freezer. A quantity designed to give a relative measure of variability is the coefficient of variation. Denoted by CV, the coefficient of variation expresses the standard deviation as a percentage of the mean. It is defined by the formula
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Statistics The Exploration And Analysis Of Data
ISBN: 9781111804138
6th Edition
Authors: John M Scheb, Jay Devore, Roxy Peck
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