I had to build one into a project I did a couple of years ago,
and it calculated "compactness" by two methods (and there are
more in the literature, but these were what the State of
Colorado's legislators required):

1. Reock test - Ratio of the district area to the area of its
minimum bounding circle. 

2. Schwartzberg test - Ratio of the district perimeter to the
perimeter of a circle with the same area.

To determine the minimum bounding circle, I used Bob Edwards'
convex hull function and then constructed circles from the two
and three furthest points from the hull's centroid. The minimum
bounding circle was the one that fit the tightest (smallest
area).

- Bill Thoen

Chad wrote:
> 
> Dear List,
>   I have been searching for a MB utility that would determine the
> compactness of an irregularly shaped polygon.  I checked the list archives
> and found a couple of references to compactness, but I could not find any
> information about a "compactness utility."  My questions is simple, does
> such a utility exist?  TIA.
> 
> -Chad
> 
> Chad Landgraf
> The University of Alabama
> Department of Geography
> 
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