Intro to Probability for Business
Interval data is a type of quantitative data that not only provides a ranking of values but also specifies the exact differences between them. This level of measurement includes meaningful intervals between values, but it lacks a true zero point, meaning you can't make statements about ratios. Understanding interval data is essential for various statistical analyses, such as assessing correlations or comparing means across groups, since it allows for a wider range of mathematical operations than nominal or ordinal data.
congrats on reading the definition of Interval Data. now let's actually learn it.