CV is more appropriate when we want to compare between two different data-sets (different units) which has less or more spread. Whereas standard deviation is helpful us to compare the spread similar types of data sets (same unit).

@Vikas-yb7xy

4 жыл бұрын

you are awesome bro!

@sunilc8684

4 жыл бұрын

Great explanation!

@edwardl.492

3 жыл бұрын

well said

@nurulaliahrizal

3 жыл бұрын

Thank you!

@jl.4204

3 жыл бұрын

Thank you!

COV is useful in cases where we have different units for comparison like weights in pound and kg. P. S. Your content on Statistics is amazing.

Great video and a very lucid explanation. One answer to challenge question: The CV is useful in scenarios where there are a few outliers and the standard deviation could be skewed as a result. The CV would be useful in such case.

Man! I love you. Thanks for explaining it in the laymen's language and it is the best explanation I have ever gotten over what the hell coefficient of variation is. Thank you so much. I can't thank you enough.

Thank you so much! This is so helpful. I have to go over descriptive statistics for a test I’m taking, so it’s awesome you put it into a series:))

Your video of linear regression was extremely helpful for me. Can u do series of video on logistic regression same way as linear regression.

This video was much more helpful at explaining this concept than my textbook! Thank you!

One possible example to that last question could be if you want to know where the abundance of a kind of phytoplankton varies more or is more stable. Since different groups of phytoplankton are found at different latitudes, and are affected by light and temperature, one could compare the CV of annual phytoplankton abundance of the equatorial region (more stable in terms of light and temperature during the year) vs the CV of annual phytoplankton abundance in high latitudes regions (with higher light and temperature variation). Cheers, Great video

The Clearest Explanation. Thanks

Great explanation. Really appreciated that, thank you.

Great video. I am a sports fanatic. So I am going to use it to compare the two conferences in both the NBA & NFL. Also do the same for different seasons to compare how spread out the win loss records are, to example how much or lack of parity in the league between the two conferences.

Wow! This course is actually making me feel statistics. Thank you so much for the wonderfully intuitive learning experience.

Love your tutorial style!!!

At last, no other video put this good enough for understanding

You have explained very easy way. Especially your examples very nice to understand. Thanks a lot sir.

the whole course is very useful when you are applying it to resource estimation and analyzing databases.

I would say the age in months of children in 1st grade vs the age in months of children who are in 12th grade. Being a couple of months older in 1st grade gives children a huge advantage academically and athletically. That advantage disappears to some extent by the time the kids are older.

With this video i finally understood what is CV. Whenever i used to see the SD of data similar to fuel price example, i always thinking what is that SD value is really means. There has to be some value by which i can understand the actual difference or variation between two data sets. And i got my answer in this video. It is coefficient of variation. Thank you so much...

Very clear. I love it. Thank you so much.

Beautifully explained! Thanks!!

Hi Suppose I want to estimate the covariation of oil prices in the US and Vietnam. What would be the formula? Maybe you have made a video on this problem...

CV is more useful when comparing salaries for people with different domains

@jamiainaga5853

2 жыл бұрын

Domain meaning?

@MDMAx

2 жыл бұрын

@@jamiainaga5853 in websites domain means the part after the dot: .net .com .ge .ru .bg, so I'm guessing in this context domain infers a different country with different currency.

Awesome explantion, and so simple to learn

Amazing video it's so simple and easy to understand thank you so much for videos ❤️

You could use this in comparison of the test scores and determining the validity of national testing in schools across different cultures.

Really good video. Very informative!

Thanks for a great explanation.

Really helpful video and what I understood is It basically measure the degree of deviation

Great video! A very useful tool! thank you keep it up

Glad that I found you! Thank you!

Thanks for the video...excellant presentation and teaching skill.....after taking ur class i think coefficient of variation is more appropriate when decision making is impossible by comparing the sd ie when sd is nearly equal or unit of mean at which sd is computed is different in the comparables....!!!!

Fantastic video thank you: What varies more temperature or rainfall during the month of July?

Practical applications of CV is when we are comparing data between two different scales. For example, comparing prices in USD and PKR or comparing prices of two completely different and unrelated products within the same currency.

@Vanadium404

7 ай бұрын

Woah nice intuition

In day trading, financial market, CV is better measure of risk

@bleacherz7503

4 жыл бұрын

Majid Ikram thanks !

My use case: I have a radioactive source used to calibrate instruments. I need to determine dose rates at a set distance using shields of various thickness to attenuate the dose rate. The measurements I take are integrated counts, at a set count time with 5 counts per attenuation. The instrument I'm using is a secondary standard calibrated to +/- 2% precision. I need to calculate the coefficient of variation for each set of 5 measurements to determine if the measurements vary greater than 2%. If greater than 2% i need to increase the count times and redo the measurements until I get a precision of less than 2%.

Not related to the challenge question but I'm just thinking that in addition to getting CV, you can also standardise the distributions and compare the sd?

That was fantastic. Thank you!

@zedstatistics mentioned in a previous video you said that the geometric mean was used to measure central tendency of rate/ratio data sets. If we want to measure the variance by rate/ratio, why wouldn't we use the geometric standard deviation? It seems like The coefficient of variance is arithmetic standard deviation but then manipulated to be expressed in terms of ratios. Would geometric standard deviation not be a purer measure of spread by ratio? Very curious about this. Thanks!

Such a simple explanation!

Excellent explanation for a new learner like me. ❤❤❤

To compare changes in stock prices of 2 different stocks - use CoV instead of sd

That's wonderful explanation

thank you for this valuable lesson

This was super helpful!!! Thankyou so much for this :)

Great explanation

That last question was on my statistics exam and I came here for an answer because I had no clue. It was phrased more to make you think to use the COV for calculating the probability of an event happening like every exam question, which made it a bit more tricky. Using it to compare data sets makes a lot of sense, not actually doing calculations of probability with it.

Great video, thank you. Also, i never thought to see my country mentioned in a stat channel xD

you've honestly got me though my econ degree thank you

thanks i got clarity to explain to my students

Very good video. I like that you talk slowely ;)

Thank you so much Mr

Cv is appropriate when we want to compare the datasets of different lengths (number of data in each)?

great explanation. thank you.

According to what can we know that standard deviation is high or low? if it is close to zero or small number in this case standard deviation is high? Thanks

Great vid!

Hi!! What is the cenrio to apply CV in measuring price inflation?

this is also useful if you are measuring volatility for different products with different price ranges

CV is usefull for comparing two different types of meassurement types/devices and trying to decide wich is more accurate.

What is a z-score? and how do I find it? Thanks in advance!

The spread of CV of growth stocks vs value stocks has been widening.

That was very useful. Thank you!

@philipjano2799

3 жыл бұрын

i do agree, this was a most clear exposition of the CV !

Comparing prices/consumption denominated in different currencies ...... Generalizing... Comparing the variation of any consumption given different unit of measurements

Awesome explanation..

CV may be applicable when considering which product deals to care about. If there isn't time to watch out for all the deals on essential goods, perhaps someone could find the CV's for a bunch of products they use and aim for the highest ones to budget more effectively.

Awesome video

Great job

Sorry how do you calculate standard deviation I get SD=0.14 for USA prices?

What do you do if you have a data set where the mean is zero?

thanku for making these videos❤

Amazing! Thanks!

Can we say, CV is helpful when we are comparing a set of apple with a set of oranges? CV would be the measure which gives us the comparable means which are relative to the characteristics of each set.

I think we could prefer coefficient of variation to standard deviation when we have a lot of atypical values?

CV can be used while comparing annual returns distribution of say, NASDAQ and NIFTY (2 distinct sets of a portfolio) or say, Distribution of prices from its mean of, a meat market in China and a Dairy market in America.

Can be used to compare any commodity's price across different regions

You are just amazing

In the cases of COVID 19 statistics, would the coefficient variation give us a better idea of how much the disease has spread within a total population, vs the standard deviation, which would not consider how many occurrences are being taken into account and may be skewed by outliers? With coefficient of variation, the number of occurrences is more relative than what the values of data are, themselves?

Brilliant!!!

CV can help in comparing fluctuations of 2 different production plants of the same commodity

thanks for making this video

but what is the meaning of CoV? Example was okay but still looking for its meaning.

Good Explanation

An example for usage of CV is comparing the variation in flight times for 2 different routes.

Great job, really...

Awesome!

Explain me more about autocorrelation and how it can be used ana data analysis

Actually. Std more easy to deeply understand about data variations than cov. Cov applied to compare 2 type with diverent categories that canot compare with std. Thanks for you video.Awesome explanation.

nicely explained

is CV actually applicable to Example 1 where Y is shifted additively? Are CV for X and Y comparable when CV(X) = S/X and CV(Y) = S/(X+100) ? As opposed Y = X*B then CV for both remains at S/X

Great video, my CV is greater than 100. please how can that be explained?

I think coefficient of variation in more appropriate than standared deviation when we dealing with the dataset which has different units (such as $ and INR) . That's I learn from this video.

Is there such a thing as coefficient of standard deviation?

Great explanation, thank you!

i love you and thank you

Purchase price parity scenarios of various commodities could be one scenario where the coefficient of variation could fit in.

you are getting a sub my guy. i owe YOU a non-alcoholic beer can i get your opinion though? CV or SD when comparing variance of tree height in different areas?

This video saved my life

@zedstatistics

4 жыл бұрын

Awesome! By this I presume you mean that you were watching this video on your laptop at a University food court as one of your friends offered you (by way of a humorous play on your Israeli heritage) a small packet of Bamba. Being anaphylactic, this airy peanut snack enjoyed by many Israeli youth would be lethal if you injested it unknowingly. Thankfully, being fully engrossed in this video you fumbled for the packet but it slipped through both your fingers and the exposed grille below the table. Your friend was disappointed that their snack gift went begging, but was utterly remorseful once they discovered that their unwitting snack may have indeed ended your life. Happy to help and happy new year!

Thank you

awesome explanaton

Wow. Thanks

God bless ya mann!!!