Quantitative vs Qualitative Data
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In this 365 data science tutorial we will be making the important distinction between qualitative vs quantitative data. This will allow us to understand what kind of data and characteristics we are working with.
Quantitative data is the data measured in numerical form. The data we use to depict the data are estimated in the form of numbers or counts. Each data set is associated with a unique numerical value . We can say there are two basic types of quantitative data. These are discrete and continuous.
Discrete data can only take certain values or counts. Think of integers that can be both positive and negative. In practice, sales volume is a discrete type of quantitative data, measuring the amount that was sold in units. Web traffic – the number of visitors or sessions is also classified as discrete data, where we measure whole numbers.
Continuous quantitative data, on the other hand can take any value. Essentially, we are not dealing only with integers but with any type of real number. For example, a company would want to measure the return on investment of a project or stock price . All these are categorized as continuous data. Another way to classify quantitative data is to differentiate between interval and ratio data.
Interval data refers to data that are measured along a scale where each point on that scale is placed at an equal distance from one another. With interval data differences between measurements matter. However, there is no absolute zero.
Ratio data is data measured along a scale with an equal ration and absolute ratio where the absolute zero is treated as the point of origin. Logically there can be no negative numerical value in the ratio data, which can be the total revenue a company generates. It is possible to have zero sales, yet a negative revenue figure is not an option.
Watch till the end to find out about qualitative data and all its defining characteristics and how it is used by companies.
Watch till the end of the video to find out about interval and ratio data, as well as qualitative data.
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