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Standard deviation and coefficient of variation

Standard deviation and coefficient of variation

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Comparable with the relationship between median and mean, you can also give an indication of spread by calculating the standard deviation, which is the mean deviation from the mean. Again, this is a good representative of the spread but can be influenced by extreme values. A related statistical concept is the coefficient of variation. It can be very hard to compare the variance in different datasets by comparing the mean and standard deviation; they can be of very different size. Therefore, the standard deviation is divided by the mean to get a relative value on a scale from 0-1, the coefficient of variation.

Research topics: Software & Technology