A mortgage company randomly samples accounts of their time...

A mortgage company randomly samples accounts of their timeshare customers. State whether each of the following variables is categorical or numerical. If categorical, is it ordinal or nominal? If numerical, is it discrete or continuous? (a) The original purchase price of a customer's timeshare unit. (b) The state (or country) of residence of a timeshare owner. (c) A timeshare owner's satisfaction level with the maintenance of the unit purchased (1: very dissatisfied to 5: very satisfied).

Transcript

00:01 Okay, dokey.

00:02 Categorical variables can't be quantifiable, which means they can't be recognized as numbers.

00:11 There are two different types of categorical variables.

00:14 The first one is nominal variables.

00:19 They are names, labels, or categories with no natural order.

00:28 The second categorical variable is ordinal.

00:32 These are variables in which there are orders.

00:42 For example, rating bad, good, or great for someone's performance.

00:47 This is an ordinal variable because there is an order among these values, but still these values are not numbers.

00:56 However, categorical values can be represented by numbers if you assign the name to a value.

01:06 Like bad is zero, good is one, greatest two.

01:09 This isn't a number.

01:10 This isn't a numerical variable because if you were to just say someone's performance is a two, that doesn't make any sense.

01:17 Two out of what? five, ten, one hundred? okay, so let's talk about numerical variables.

01:24 Numerical variables are quantitative variables.

01:28 So these values are just numbers.

01:32 There are two types of this.

01:34 First, there are discrete variables.

01:38 Discrete variables are variables where there's only a finite number of values in a given interval.

01:46 So an example of this would be, if you were to say, on a scale of whole numbers from zero to 10, that person's performance is a 2.

01:58 That would be a discrete variable.

02:01 Continuous variables, on the other hand, there are infinite numbers within an interval...

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