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Level of measurement or scale of measure is a classification that describes the nature of information within the values assigned to variables. [1] Psychologist Stanley Smith Stevens developed the best-known classification with four levels, or scales, of measurement: nominal, ordinal, interval, and ratio.
Some data are measured at the interval level. Numbers indicate the magnitude of difference between items, but there is no absolute zero point. Examples are attitude scales and opinion scales. Some data are measured at the ratio level. Numbers indicate magnitude of difference and there is a fixed zero point. Ratios can be calculated.
Level of analysis is used in the social sciences to point to the location, size, or scale of a research target. It is distinct from unit of observation in that the former refers to a more or less integrated set of relationships while the latter refers to the distinct unit from which data have been or will be gathered.
A chart may indicate severe price swings because the chart only shows a portion of the range. When the entire price range is shown, the volatility is much less noticeable. A stock broker who earns fees from commissions can take advantage of interval ratio charts by using perceived volatility to encourage their customers to place more orders.
These extensions converge with the family of intra-class correlations (ICCs), so there is a conceptually related way of estimating reliability for each level of measurement from nominal (kappa) to ordinal (ordinal kappa or ICC—stretching assumptions) to interval (ICC, or ordinal kappa—treating the interval scale as ordinal), and ratio (ICCs).
If the dependent variable is continuous—either interval level or ratio level, such as a temperature scale or an income scale—then simple regression can be used. If both variables are time series , a particular type of causality known as Granger causality can be tested for, and vector autoregression can be performed to examine the ...
Social statistics is the use of statistical measurement systems to study human behavior in a social environment. This can be accomplished through polling a group of people, evaluating a subset of data obtained about a group of people, or by observation and statistical analysis of a set of data that relates to people and their behaviors.
The potential-for-conflict Index (PCI) describes the ratio of scoring on either side of a rating scale's centre point. [77] This index requires at least ordinal data. This ratio is often displayed as a bubble graph. The PCI uses an ordinal scale with an odd number of rating points (−n to +n) centred at 0. It is calculated as follows