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Decision Sciences - Post 1

#ShortPost - will cover it all over a period of time

With the increasing importance of data in making decisions, let us look at some of the data related terms used in statistics which can help you make data driven decisions.

Types of variables:

Two important types of variables which should not leave you stunned are:
  • Categorical (or nominal) variables
  • Ordinal variables
Categorical: A categorical variable (sometimes called a nominal variable) is one that has two or more categories, but there is no intrinsic ordering to the categories.

Ordinal: An ordinal variable is similar to a categorical variable.  The difference between the two is that there is a clear ordering of the variables. 

Interval: An interval variable is similar to an ordinal variable, except that the intervals between the values of the interval variable are equally spaced. 

Check the following link for more details:
http://stats.idre.ucla.edu/other/mult-pkg/whatstat/what-is-the-difference-between-categorical-ordinal-and-interval-variables/

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