The following are the two main reasons.
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It is the estimate for s, the sample standard deviation.
Deviation, actually called "standard deviation" is, in a set of numbers, the average distance a number in that set is away from the mean, or average, number.
No. Not at all. Whoever told you that fails statistics forever.
Are you talking of this in means of Statistics? If you are, then the variation from the mean is measured in standard deviation.
Coefficient of deviation (CV) is a term used in statistics. It is defined as the ratio of the standard deviation (sigma) to the mean (mu). The formula for CV is CV=sigma/mu.