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Variable

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Intro to Business Statistics

Definition

A variable is an attribute or characteristic that can assume different values in a dataset. Variables can be classified into various types such as qualitative and quantitative.

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5 Must Know Facts For Your Next Test

  1. Variables are essential for data collection and analysis.
  2. They can be independent, dependent, or confounding in statistical studies.
  3. Quantitative variables can be discrete or continuous.
  4. Qualitative variables are also known as categorical variables.
  5. The measurement scale of a variable (nominal, ordinal, interval, ratio) determines the type of statistical analysis applicable.

Review Questions

  • What are the two main types of variables?
  • How do independent and dependent variables differ?
  • What is the difference between discrete and continuous quantitative variables?
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