Coefficient of variation calculator finds the coefficient of variation by taking the range of values as input. If you are wondering how to calculate coefficient of variation, then, stop being too curious, because we are going to elaborate all that in next sections.
In statistics, coefficient of variation is the ratio of standard deviation to mean. It is a measure of relative variability. It is also known as relative standard deviation. The higher coefficient of variation (CV) depicts the greater dispersion around mean.
The formula for CV can be expressed as:
CV = σ/μ
CV = Coefficient of variation,
σ = Standard deviation, and
μ = Sample mean.
Here is the example to find CV.
Find the coefficient of variation for the sample 2, 4, 6, 8, 10.
Step 1: Calculate the sample mean.
μ = ∑x/n = (2+4+6+8+10)/5
μ = 6
Step 2: Calculate standard deviation using the below formula.
σ =√ (40/ (5-1))
σ = 3.16
Step 3: Place the values in CV formula.
CV = σ/μ = 3.16/6
CV = 0.5271
Use CV calculator to save your time if you don’t like to play with formulas and equations.