Quantitative variable

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A quantitative variable is that statistical variable that, unlike the qualitative one, can be expressed through figures. For this reason, it can be analyzed with statistical methods.

Another way to understand quantitative variables is as those that can be measurable. Thus, it is possible to order them from highest to lowest (or vice versa) and perform mathematical operations.

Difference between qualitative and quantitative variable

The main difference between qualitative and quantitative variable is that the first represents a quality of the subject or object that can be expressed through words. Instead, the second is expressed only in numbers.

That said, it should be clarified that qualitative variables can also be assigned a value. For example, let's imagine a database in which nationals are assigned the number 1 for their classification, while foreigners, for the same reason, are assigned the number O. However, despite This does not mean that the variable is quantitative, since it is not a measurable variable.

It should also be noted that the quantitative variables are specific or exact. This, unlike qualitative variables that tend to be more relative.

For example, the weight of a suitcase can be 23.5 kg. This is an exact value. However, a qualitative variable could be the level of satisfaction of the service in a restaurant, where a rating from 1 to 5 can be requested. However, it will remain a qualitative variable and the way to measure it will be more inaccurate than in the example of suitcase. A person might hesitate to put a rating of 3 or 4 if their level of satisfaction was moderate.

Types of quantitative variables

The types of quantitative variables are the following:

  • Discrete variables: They are those that take only certain values ​​and not any value that is between two of them. For example, when a variable can only take integer values, it is discrete. Let's imagine the number of cars a person owns. An individual cannot have a car and a half.
  • Continuous variables: They are those that can take any value. Usually this means that it can take values ​​that are not integers. For example, the weight of a bag of rice can be 1.25 kg.

Examples of quantitative variable

An example of a quantitative variable can be the compensation of the employees of a company. This can range from $ 1,500 to $ 10,000 per month.

With the data of these remunerations, indicators such as the mean, median and mode can be calculated. You can even make a comparison with other companies in the sector.

In addition to this, it is also possible to analyze how the company's salaries have changed over time. At the same time, it is possible to calculate the relative weight of the remunerations within the costs of the company, and thus see the importance of these.

Tags:  ranking Business history 

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