Quantitative variables take the form of numerical figures. Qualitative variables describe data by placing them into broad categories. For example, the number of units that your business sells over a ...

At times it is desirable to have independent variables in the model that are qualitative rather than quantitative. This is easily handled in a regression framework. Regression uses qualitative ...

A two-valued qualitative variable can be represented by a single 0-or-1-valued "dummy" variable. If a qualitative variable has three or more possible values (e.g., make-of-car, or marital-status), ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

A random variable is a mathematical function that maps outcomes of random experiments to numbers. It can be thought of as the numeric result of operating a non-deterministic mechanism or performing a ...