Step 1: Understanding the Concept:
Statistical measures of dispersion often express variation relative to the magnitude of the data. Step 3: Detailed Explanation:
The Coefficient of Variation (CV) is a dimensionless measure used to compare the relative variability of data sets with different units or widely different means.
It is mathematically defined as:
\[ CV = \frac{\sigma}{\mu} \times 100 \]
Where:
\( \sigma \) = Standard Deviation
\( \mu \) = Mean
It is usually expressed as a percentage. Step 4: Final Answer:
The ratio of standard deviation to mean is the definition of the Coefficient of Variation.