The Two Metrics That Reveal True Data Dispersion Beyond Standard Deviation
<h1>Introduction</h1>
<p>We’ve all heard the saying, “Variety is the spice of life,” and in data, that variety or diversity often takes the form of dispersion.</p>
<p>Data dispersion makes data fascinating by highlighting patterns and insights we wouldn’t have found otherwise. Typically, we use the following as measures of dispersion: variance, standard deviation, range, and interquartile range (IQR). However, we may need to examine dataset dispersion beyond these typical measures in some cases.</p>
<p>This is where the Coefficient of Variation (CV) and Quartile Coefficient of Dispersion (QCD) provide insights when comparing datasets.</p>
<p>In this tutorial, we will explore the two concepts of CV and QCD and answer the following questions for each of them:</p>
<ul>
<li>What are they, and how are they defined?</li>
<li>How can they be computed?</li>
<li>How to interpret the results?</li>
</ul>
<p>All the above questions will be answered thoroughly and through two examples.</p>
<p><a href="https://towardsdatascience.com/dispersion-cv-qcd-32849f828434"><strong>Website</strong></a></p>