Hello,
Cavitation index is defines as the ratio (P2-Pv)/(P2-P1), where: P2, P1 are the upstream, respectively downstream static pressure (both locations being far enough from orifice in order to have a fully developed velocity field); Pv - liquid vapor pressure @ upstream temperature.
A value of at least 2 gives a safe margin from cavitation conditions. It isn't easy to accurately predict what is the minimum static pressure achieved along the fluid flow path from upstream to downstream, that's why this index value is used to determine if cavitation occurs or not.
The formula for Crane flow coefficient is attached. This coefficient can be used together with the other fittings' K values, e.g. if you want to determine pressure drop on a pipeline containing that restriction orifice.
Lucian