Coefficient of Variation or Simply CoV

CoV or the coefficient of variation are just one of the indicators we are looking at. But what the heck is that? LOL!

To give you a background about it, CoV is a good measure of variation. It is being measured in terms of std/mean. Having a good CoV means that you have a good predictability when will your tools or your machine will be down and at the same time having that you will be sure that your tools will be available anytime you need it. It is considered one of the key parameters of factory health.