Coefficient of variation Example and how to identify the variation is acceptable or not?
The coefficient of variation is the ratio of the standard deviation and the mean. Usually, it is expressed in percentage.
Below is the formula for the coefficient of variation:
CV=(Standard Deviation / Mean)*100
Higher CV indicates higher variation and lower CV indicates lower variation and more precise estimate.
As a thumb rule in the case of lab experiments <10% variation is acceptable and <20% in agricultural experiments.
It is a relative measure and most suitable to compare any two series. The coefficient of variation is the appropriate measure of dispersion.
Coefficient of Variation Example
In this Coefficient of variation example, 2.08% indicates the variation is acceptable.
The standard error tells you how accurate the mean of any given sample from that population is likely to be compared to the true population mean.
When the preferred blunders increase, i.e., the approach is extra unfolding out, it turns much more likely that any given mean is an erroneous illustration of the actual populace mean.
The population mean is around Sample Mean+-1.96*SD
In this case,
The indicate population means is lies between 11.9 to 12.1.
The variation or quality of data can effectively measure based on these standard methods like the coefficient of variation, standard deviation, and standard error.