3rd Bac - Qualitative and Quantitative Variables

 https://www.youtube.com/watch?v=6DzMnA2L_4E&ab_channel=NicoleHamilton 

Quantitative Variables - Variables whose values result from counting or measuring something.

Qualitative Variables - Variables that are not measurement variables. Their values do not result from measuring or counting.

Types of Quantitative Variable

There are two types of Quantitative Variables:

  • Discrete variable
  • Continuous variable

Discrete variable

Discrete variables are those that can only take on a certain number of values. This could be something like the numbers 1 through 10, or it could be a set of distinct objects like a deck of cards. 

Continuous variable

A continuous variable is a variable whose value can change continuously, without having clear limits. Continuous variables are often used in scientific experiments, because they allow for more accurate measurements. For example, if you were measuring the height of a plant, you could use a continuous variable like centimeters.

Examples of quantitative variables include height, weight, age, and IQ. In research, quantitative variables are often used to measure the relationships between different factors. 

Types of Qualitative Variable
There are two types of Qualitative Variables:
  • Nominal Variable
  • Ordinal Variable
Nominal Variable
Nominal variables are the simplest type of qualitative variable. They can be divided into two categories:
  • Categorical
  • Binary
Categorical variables are those that can be placed into distinct groups, such as eye color (brown, blue, green, etc.).

Binary variables are those that can only have two values, such as gender (male or female).

Ordinal Variable
Ordinal variables are similar to nominal variables in that they can be placed into groups. However, with ordinal variables, the groups can be rank-ordered. For example, you could group people by their level of education (elementary school, high school, college, graduate school).

Unsatisfied Demand

The unsatisfied demand of the good or service is a quantitative variable, that is obtained after the field study is done, from the analysis of other businesses and the number of buyers interested in the product with the characteristics of the entrepreneur. 

Consumer Profile

The entrepreneur must build the characteristics of the consumer profile, these are qualitative variables, of who is likely to buy the product. The main questions the entrepreneur must answer to build the consumer profile are the following:

- What do they buy?

- Who buys?

- From who do they buy?

- Where do they buy?

- Why do they buy?

- When do they buy?

- How do they buy? (distribution mean)

- What is the age, sex, study level, income level, etc of the potential buyer?

Homework

Create a mindmap about the topic presented

Practice

https://www.med.soton.ac.uk/stats_eLearning/typesofdataquiz/index.html

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