What are the importance of Coefficients in Statistics?
In Statistics, there are plenty of well known numerical coefficients. Mostly they are ratios of some important parameters related to a sample or population, and sometimes those ratios will be represented as percentage. The primary importance of such coefficients is to take inferences or conclusions about a data. When dealing with large populations, it will be very difficult to take a conclusion by going through all the observations. So first calculate some coefficients or percentages using the parameters which depend all the data like mean, variance, standard deviation, etc. Then using those values we can take various conclusions or decisions about the growth, decay, linearity, performance, etc of the data.
How to Calculate Coefficient of Range?
Coefficient of Range calculator uses Coefficient of Range = (Largest Item in Data-Smallest Item in Data)/(Largest Item in Data+Smallest Item in Data) to calculate the Coefficient of Range, Coefficient of Range formula is defined as the ratio of the range (difference between the largest and smallest values) to their sum. It represents the relative variability of the entire dataset. Coefficient of Range is denoted by CR symbol.
How to calculate Coefficient of Range using this online calculator? To use this online calculator for Coefficient of Range, enter Largest Item in Data (L) & Smallest Item in Data (S) and hit the calculate button. Here is how the Coefficient of Range calculation can be explained with given input values -> 0.5 = (45-5)/(45+5).