Why is coefficient of variation important? What do we mean when we say the coefficient variation has no units/ What advantages can there be in having no units? why is relative size important?
Consider robin eggs the relative to the mean of the standard deviation mean weight o a collection of robin eggs is 0.72 ounces and the standard deviation is 0.12 ounces. now consider elephants the mean weight of elephants in the zoo is 6.42 tons with a standard deviation 1.07 tons The units of measurement are different and there is a great deal of difference between size of a elephant and ribbon's eggs. Yet the coefficient of variation is about the same for both. Comment on this from the viewpoint of the size.