Describe the Differences in the Bivariate Analysis of Nominal/ordinal Variables

question 10

Essay

Describe the differences in the bivariate analysis of nominal/ordinal variables and interval/ratio variables. What descriptive and inferential statistics are used to describe each type of variable?

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Definitions:

Revenues

The complete earnings obtained from transactions involving goods or services central to an organization's primary business.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing the ownership interest in the business.

Business Activities

Various actions that are undertaken by a company in order to run its daily operations, including production, sales, and marketing activities.

Assets Consumed

Resources or economic value used up or depleted by a company during its operations.