√Var(X) represents the square root of variance, which is equivalent to the standard deviation (SD). It measures how much individual data points deviate from their mean.
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Var(X): Variance quantifies how spread out values are around their mean. Taking its square root gives us SD(X).
Coefficient of Variation: The coefficient of variation is a relative measure that compares the standard deviation to the mean. It helps assess variability in relation to central tendency.
Z-Score: A z-score measures how many standard deviations an observation or data point is away from the mean. It allows for comparisons across different datasets by standardizing values.