The formula to calculate the Coefficient of Variation (C) is:
\[ C = \left( \frac{\sigma}{\mu} \right) \times 100 \]
Where:
The coefficient of variation is very similar to the standard deviation. In short, it measures how much a data set varies across a population. It’s different because it’s then normalized to the population mean, which means the coefficient could be applied to a different mean to yield a new standard deviation.
Let's assume the following values:
Step 1: Calculate the Coefficient of Variation (C):
\[ C = \left( \frac{5}{20} \right) \times 100 = 0.25 \times 100 = 25% \]
Therefore, the Coefficient of Variation (C) is 25%.