When to use it
A standard deviation of 5 g is huge for a 20 g sample but tiny for a 5 kg one. Dividing by the mean removes the scale. In analytical chemistry, RSD is the standard way to report the precision of replicate measurements; an RSD under a few percent is usually expected for good technique.
CV only makes sense for ratio data with a true zero and a positive mean (mass, length, concentration). It is meaningless for temperatures in °C or for data that can be negative.
Frequently asked questions
Is CV the same as RSD?
Yes. RSD is usually quoted as a percentage; CV is sometimes written as a decimal (0.05) and sometimes as a percentage (5%).
Should I use sample or population SD?
Sample SD for replicate measurements or any sample; population SD only if you have the entire population.