The formula to calculate the Coefficient of Skewness (SK) is:
SK=3×M−MDs
Where:
The coefficient of skewness is a method developed to find the relative skewness in a sample using the mean and median. Skewness itself is a measure of the shape of a data set. In other words, it is a measure of how close the mean and median are to each other relative to the sample size.
Let's consider an example:
Using the formula to calculate the Coefficient of Skewness:
SK=3×50−4510=3×0.5=1.5
This means that the coefficient of skewness for this scenario is 1.5.