Why standard deviation is considered as the best measure of dispersion?
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The standard deviation is proportional to mean. When you have a big differences in means and your objective is to compare the variation, then it is better to take coefficient of variation , as it normalizes the standard deviation with respect to the mean.
There is an approach called Gino's coefficient which has been used for measuring variability.
Refer: “The Gini Methodology: A Primer on a Statistical Methodology” by Yitzhaki and Schectman.
There is an approach called Gino's coefficient which has been used for measuring variability.
Refer: “The Gini Methodology: A Primer on a Statistical Methodology” by Yitzhaki and Schectman.
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