Coefficient of Variation (CV) Statistic
(Redirected from Coefficient of Variation)
A Coefficient of Variation (CV) Statistic is a scale invariant relative magnitude dispersion statistic that measures the degree of variation in a set of data relative to the mean.
- Context:
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- Example(s):
- In analytical chemistry, it can be used to measure the precision of an analytical method.
- In engineering, it can be used to measure the variability of a manufacturing process.
- In finance, it can be used to measure the risk of an investment.
- In biology, it can be used to measure the variability of a population trait.
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- Counter-Example(s):
- See: Statistical Dispersion, Probability Distribution, Frequency Distribution, Standard Deviation.
References
2023
- (Wikipedia, 2023) ⇒ https://en.wikipedia.org/wiki/Coefficient_of_variation Retrieved:2023-10-4.
- In probability theory and statistics, the coefficient of variation (CV), also known as Normalized Root-Mean-Square Deviation (NRMSD), Percent RMS, and relative standard deviation (RSD), is a standardized measure of dispersion of a probability distribution or frequency distribution. It is defined as the ratio of the standard deviation [math]\displaystyle{ \sigma }[/math] to the mean [math]\displaystyle{ \mu }[/math] (or its absolute value, , and often expressed as a percentage ("%RSD"). The CV or RSD is widely used in analytical chemistry to express the precision and repeatability of an assay. It is also commonly used in fields such as engineering or physics when doing quality assurance studies and ANOVA gauge R&R,by economists and investors in economic models, and in psychology/neuroscience.