QNT 275 Week 4 participation Essentials of Business Statistics, Ch. 1

One of my Favorite Topics (levels of Measurement)

Team 275

A quick review before the Final Exam

In this class, the independent variable will 95% of the time be a nominal level of measurement. The dependent variable will be an interval level of measurement.

Here is a great cheat sheet explanation that I created:

Our independent variable and dependent variables will be broken down into 1 of 3 categories: Nominal, Ordinal and Interval

Nominal (Independent variable) is categorical in nature and is solely qualitative (non-number related). They are categories such as Hair Color:

Blonde or Brunette or Red-Head.

Ordinal (one way to measure the dependent variable) is data that is placed in an order. A great example is grade point average. Nigel(2.0), Jackie W. (2.5), Jackie H. (3.2), John (3.7) and Ronnie (4.0) (lowest to highest GPA)

Interval (one way to measure the dependent variable) is data that is equal intervals along a continuum. Temperature thermostat is the best way to show interval data. Numbers can move up and down with no set pattern.The Hermis rule is: Interval data can always be converted to Ordinal data

Thoughts on This Chapter

Team

I enjoyed this chapter, I thought it was pretty interesting. In particular, I enjoyed the section on qualitative versus quantitative data. As you are aware, quantitative data is data that is numerical in nature. On the other hand, qualitative data is non-numeric data. It is words that constitute a data set. For example,

Colors of the rainbow:

Purple

Green

Yellow

Orange

Red

THe quantitative data can be measured and categorized. What are the levels of measurement for quantitative data?