Variable for Business Analytics

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