Coefficient of variation is defined as the ratio of standard deviation to the arithmetic mean. Coefficient of variation gives a sense of "relative variability," as reported by the GraphPad Statistical software website. It can be expressed either as a fraction or a percent.
Coefficient of variance (CV) is used to understand the scatter of variables that are expressed in different units. For example, the coefficient of variation for blood pressure can be compared with the coefficient of variation for pulse rate. In this case, blood pressure and pulse rate are two different variables.
While interpreting coefficient of variation, 0 can be reported provided it actually implies "zero." For example, zero weight implies no weight. Coefficient of variation can be reported for variables such as weight. In contrast, 0 degrees Celsius does not actually imply "zero" temperature. It's meaningless to report the coefficient of variation for variables, such as degrees Celsius temperature.
When variables are expressed as logarithms, reporting the CV for these sets of variables becomes meaningless because a logarithm of 1 implies zero. This is because when the logarithmic scale is converted to another scale, the definition of zero would be redefined, and so would the value of CV. For example, it makes no sense to calculate the CV of a set of pH values, because pH is expressed in logarithmic scale, and pH does not actually mean "zero pH or no acidity."
Learn MoreA good idea for a statistics project would be to investigate the distributions of returns for different investments, and then construct and manage a model portfolio. Different asset classes such as money markets, bonds, equities and commodities could be compared.
Full Answer >People use statistics daily for weather forecasts, predicting disease, preparing for emergencies, medical research, political campaigns, tracking sales, genetics, insurance, the stock market and quality testing. Statistics lends credibility to these industries and makes it easier to track different things in the industry.
Full Answer >An outlier in math is a value in a collection of data points that lies outside of the range of the other data points. The name is derived from the data point "lying outside" of the other given values.
Full Answer >Experts use statistics to understand large and complex sets of data. Statistics are also helpful with surveys, which legislators use to affect policy. Knowing how statistics work is important for fully understanding news reports.
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