Dear Fellow Students....
STA630 GDB#1 Idea Solution....
I think Ratio Scale is better
Interval Scale:-Permissible Statistics
mean, standard deviation, correlation, regression, analysis of variance
Ratio Scale:-Permissible Statistics
All statistics permitted for interval scales plus the following: geometric mean, harmonic mean, coefficient of variation, logarithms
Interval Scale:-Permissible Statistics
mean, standard deviation, correlation, regression, analysis of variance
Ratio Scale:-Permissible Statistics
All statistics permitted for interval scales plus the following: geometric mean, harmonic mean, coefficient of variation, logarithms
More Information:-
Interval scale
Quantitative attributes are all measurable on interval scales, as any difference between the levels of an attribute can be multiplied by any real number to exceed or equal another difference. A highly familiar example of interval scale measurement is temperature with the Celsius scale. In this particular scale, the unit of measurement is 1/100 of the difference between the melting temperature and the boiling temperature of water at atmospheric pressure. The "zero point" on an interval scale is arbitrary; and negative values can be used. The formal mathematical term is an affine space (in this case an affine line). Variables measured at the interval level are called "interval variables" or sometimes "scaled variables" as they have units of measurement.
Ratios between numbers on the scale are not meaningful, so operations such as multiplication and division cannot be carried out directly. But ratios of differences can be expressed; for example, one difference can be twice another.
The central tendency of a variable measured at the interval level can be represented by its mode, its median, or its arithmetic mean. Statistical dispersion can be measured in most of the usual ways, which just involved differences or averaging, such as range, interquartile range, and standard deviation. Since one cannot divide, one cannot define measures that require a ratio, such as studentized range or coefficient of variation. More subtly, while one can define moments about the origin, only central moments are useful, since the choice of origin is arbitrary and not meaningful. One can define standardized moments, since ratios of differences are meaningful, but one cannot define coefficient of variation, since the mean is a moment about the origin, unlike the standard deviation, which is (the square root of) a central moment.
Ratio measurement
Most measurement in the physical sciences and engineering is done on ratio scales. Mass, length, time, plane angle, energy and electric charge are examples of physical measures that are ratio scales. The scale type takes its name from the fact that measurement is the estimation of the ratio between a magnitude of a continuous quantity and a unit magnitude of the same kind (Michell, 1997, 1999). Informally, the distinguishing feature of a ratio scale is the possession of a non-arbitrary zero value. For example, the Kelvin temperature scale has a non-arbitrary zero point of absolute zero, which is denoted 0K and is equal to -273.15 degrees Celsius. This zero point is non arbitrary as the particles that compose matter at this temperature have zero kinetic energy.
Examples of ratio scale measurement in the behavioral sciences are all but non-existent. Luce (2000) argues that an example of ratio scale measurement in psychology can be found in rank and sign dependent expected utility theory.
All statistical measures can be used for a variable measured at the ratio level, as all necessary mathematical operations are defined. The central tendency of a variable measured at the ratio level can be represented by, in addition to its mode, its median, or its arithmetic mean, also its geometric mean or harmonic mean. In addition to the measures of statistical dispersion defined for interval variables, such as range and standard deviation, for ratio variables one can also define measures that require a ratio, such as studentized range or coefficient of variation.
Quantitative attributes are all measurable on interval scales, as any difference between the levels of an attribute can be multiplied by any real number to exceed or equal another difference. A highly familiar example of interval scale measurement is temperature with the Celsius scale. In this particular scale, the unit of measurement is 1/100 of the difference between the melting temperature and the boiling temperature of water at atmospheric pressure. The "zero point" on an interval scale is arbitrary; and negative values can be used. The formal mathematical term is an affine space (in this case an affine line). Variables measured at the interval level are called "interval variables" or sometimes "scaled variables" as they have units of measurement.
Ratios between numbers on the scale are not meaningful, so operations such as multiplication and division cannot be carried out directly. But ratios of differences can be expressed; for example, one difference can be twice another.
The central tendency of a variable measured at the interval level can be represented by its mode, its median, or its arithmetic mean. Statistical dispersion can be measured in most of the usual ways, which just involved differences or averaging, such as range, interquartile range, and standard deviation. Since one cannot divide, one cannot define measures that require a ratio, such as studentized range or coefficient of variation. More subtly, while one can define moments about the origin, only central moments are useful, since the choice of origin is arbitrary and not meaningful. One can define standardized moments, since ratios of differences are meaningful, but one cannot define coefficient of variation, since the mean is a moment about the origin, unlike the standard deviation, which is (the square root of) a central moment.
Ratio measurement
Most measurement in the physical sciences and engineering is done on ratio scales. Mass, length, time, plane angle, energy and electric charge are examples of physical measures that are ratio scales. The scale type takes its name from the fact that measurement is the estimation of the ratio between a magnitude of a continuous quantity and a unit magnitude of the same kind (Michell, 1997, 1999). Informally, the distinguishing feature of a ratio scale is the possession of a non-arbitrary zero value. For example, the Kelvin temperature scale has a non-arbitrary zero point of absolute zero, which is denoted 0K and is equal to -273.15 degrees Celsius. This zero point is non arbitrary as the particles that compose matter at this temperature have zero kinetic energy.
Examples of ratio scale measurement in the behavioral sciences are all but non-existent. Luce (2000) argues that an example of ratio scale measurement in psychology can be found in rank and sign dependent expected utility theory.
All statistical measures can be used for a variable measured at the ratio level, as all necessary mathematical operations are defined. The central tendency of a variable measured at the ratio level can be represented by, in addition to its mode, its median, or its arithmetic mean, also its geometric mean or harmonic mean. In addition to the measures of statistical dispersion defined for interval variables, such as range and standard deviation, for ratio variables one can also define measures that require a ratio, such as studentized range or coefficient of variation.
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█▓▒░ Hafiz Salman Majeed░▒▓█
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| MBA -III (Finance Group) |
LAHORE
اللہ آپ کو آسانیاں عطا فرمائے۔
جزاكم الله خيرا وأحسن الجزاء في الدنيا والأخرة
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