Quant analytics: define and differenyiate between nominal,ordinal, interval and ratio scales clearly with examples?
please can any one define and differenyiate between nominal,ordinal, interval and ratio scales calearly with examples i am very confused about these scales and i want quick reply.
Real, or alternate definitions, mean a variable type with an infinite number of values after the decimal. If a ratio of integers the real number would be rational 2.111111… = 19/9. If it cannot be expressed as a ratio of integers it is an irrational real number, Pi is an example. Such numbers imply that the physical thing they measure is continuous, but once we get to the atomic level, mass length, etc. become discrete or integer multiples.
Integer, is a counting number that quantifies a number. But “Discrete” is more general, as it could be counting by halves or tenths, or ounces (as apposed to pounds). Discrete numbers quantify a quantity. As a result, their ratio represents the proportion of the two quanties. The magintude of 6 is twice the magnitude of 3. Real numbers also have this proportionality factor. 1.4 has twoce the magintude of 0.7.
In math numbers that represent a quantity, that have this proportionality representation, are called “Cardinal”.
Ordinal numbers define rank. First place wins over second place which wins over thrid. But the rank does not represent any proportional measure of goodness or time, or quantity. First may have beaten second by a tenth of a second, who beat third by three hours. Alternately, first may be far preferred over second or third which are nearly equivalent.
Nominal means “name”. You could use names to label your children, or numbers, or greek letters. In testing the test sequence is trial 1, then trial 2, then trial 3; but you could use alphabetical lables. And the operating conditions or outcome desirability has nothing to do with the randomized order that test runs were chosen. In couputer programming such lagels are called text or string variables.
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