Note on the coefficient of variation properties

Source abstract

The extent to which the values within the dataset differ from one another and from the mean value itself is revealed through measures of variability. One common measure of variability is the coefficient of variation, which expresses the standard deviation as a proportion of the mean and does not depend on the unit scales. Exploiting its potential as a unitless measure of variability, the coefficient of variation has been used as risk sensitivity measure, to represent the reliability of trials, and for other purposes. In different frameworks, the coefficient of variation can be used when a single sample is considered, but also when comparing distributions. In general, the assumptions for the use of the coefficient of variation are related to the type of data, nevertheless, some properties of this coefficient lead to limitations on its suitability in certain situations. In this work we present a comparative review of the coefficient of variation properties and those of an alternative coefficient.