Variable for Business Analytics
What is a variable?
A variable is any characteristics, number, or quantity that can be measured or counted.
A variable may also be called a data item. Age, sex, business income and expenses,
country of birth, capital expenditure, class grades, eye colour and
vehicle type are examples of variables. It is called a variable
because the value may vary between data units in a population, and may change in value over time.
For example; 'income' is a variable that can vary between data units in a population
(i.e. the people or businesses being studied may not have the same incomes)
and can also vary over time for each data unit (i.e. income can go up or down). as per Australia Bureau of Statistics
Binary (or Dichotomous)
Which has only two catagories
Example: Yes/No, Pass/Fail etc.
Nominal Variables:
Which has sevaral unordered category.
Example: Types of Account, Types of Product,
Types of Charges etc.
Ordinal Variables
This types of variables has sevaral ordered catagory.
Example: High, Medium, Low etc.
Continuous variable:
A continuous variable is a variable
that has an infinite number of possible values.
In other words, any value is possible for the variable.
Can take any value with in a specified range.
Example: Amount, Hight etc
Discrete Variables
Can take only a set of particular variable
Including negative and fractional value.
Example: cibil score, Number of States in a country, Number of persons in a family etc.
