How Many Binary Variables Are Required to Encode a Person's

question 44

Essay

How many binary variables are required to encode a person's age group as being either young, middle-age or old? What are the variables and what are the meanings of their 0, 1 values?

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Definitions:

Joint Venture

A business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task or project.

Franchising

A method of conducting business wherein a franchisor licenses trademarks and proven methods of doing business to a franchisee in exchange for a recurring payment, and often a percentage of the franchisee's revenue.

Marketing Analytics

The practice of measuring, managing, and analyzing market performance.

Marketing Performance

The analysis and assessment of the impact and effectiveness of marketing strategies and activities, based on specific objectives and metrics.