why is the coefficient of variation important what do we mea

why is the coefficient of variation important? what do we mean when we say that the coefficient of variation has no units? what advantage can there be in having no units? why is relative size important?

Solution

Coefficient of variation is important since it shows the extent of variability in relation to the mean of the population. Since it is defined as the ratio of the standard deviation to the mean, and both of them of them have same units, we say that it has no units. The advantage of having no units is that the interpretation is free of the scales of measurement.

Relative size? Please provide more details about it.