All Rights Reserved. How long will the footprints on the moon last? is it 15,000-20,000, or 16000-20,000, Before getting into this, you need to know. When the values of the discrete data fit into one of many categories and there is an order or rank to the values, we have ordinal discrete data. Even though it can be composed of discrete bills and coins, countable dollars and cents, the concept of money is treated as a mass in English. What details make Lochinvar an attractive and romantic figure? Therefore, we want to assume that sample data representing population distributions is normal and that our assumptions have a reasonable probability by large random samples of 100 or more in the distribution of the variables in the population. many dollars and cents. Favourite answer It is discrete, because if you take any currency for example Euros, we have 5 Euros, 4 euros or it can be further broken down into 4 euros and 56 cents… Discrete data is graphically displayed by a bar graph. The half of a penny cannot be valued, unless we had a half a penny coin, therefore is discrete. When we use money for purchases, it is in discrete units, so For example, pay, whereas it can have an infinite value. These figurative statistics, for example, illustrate the amount of rations and the size of rations each member is allowed based on a fixed amount deducted from each member’s daily, weekly and monthly pay. I can be paid any amount of dollars infinitely, but then again my pay is given a specific discrete limit or amount per each hour worked, for … Plural Mass Nouns. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply. Inter state form of sales tax income tax? Who is the longest reigning WWE Champion of all time? The half of a penny cannot be valued, unless we had a half a penny coin, therefore is discrete. Why? Both. Discrete data may be also ordinal or nominal data (see our post nominal vs ordinal data). Continuous data is data that falls in a continuous sequence. Why don't libraries smell like bookstores? An example in my previous workplace (the "militaire" life): The process of food ration distribution that each crew member consumes per day based on a financial budget. In my opinion, the measure of money can be both, but I lean more towards discrete. What is the birthday of carmelita divinagracia? How long will it take to cook a 12 pound turkey? What is plot of the story Sinigang by Marby Villaceran? However, money is continuous because it can have many and any value and be of any amount, considerably. if my first class inteval for a price of vehicle is 11,000-15,000 USD, what then will be my second class interval? Is evaporated milk the same thing as condensed milk? Considering this, there was a concern amongst crew members with regard to the amount of “little” rations each member receives. When we use money in calculations, it is a continuous value, and When did organ music become associated with baseball? Copyright © 2020 Multiply Media, LLC. Occasionally when analyzing data between groups or variables there are limitations on the validity of measured tests due to the lack of evidence, data, or information because a sample size is too small or has low value. Discrete data is countable while continuous data is measurable. The difference between discrete and continuous data can be drawn clearly on the following grounds: Discrete data is the type of data that has clear spaces between values. In order to assume that sample data represents population distributions, either from the differences or relationships between groups and variables, there are many equations and formulas that are specifically used for each scenario to assume sample data representing population distribution is normal or have a reasonable probability. It is discrete, because if you take any currency for example Euros, we have 5 Euros, 4 euros or it can be further broken down into 4 euros and 56 cents… What is the conflict of the story of sinigang? Discrete data contains distinct or separate values. When we use money for purchases, it is in discrete units, so many dollars and cents. we have to use rounding to get dis. What is the contribution of candido bartolome to gymnastics? How will understanding of attitudes and predisposition enhance teaching? I can be paid any amount of dollars infinitely, but then again my pay is given a specific discrete limit or amount per each hour worked, for example $1.00 an hour not $0.944444 cents an hour. Discrete compounding and continuous compounding are closely related terms. Then these statistics are used in statistical process control to analyze and measure the statistical data; in turn, discovering ways to improve the process of performance to satisfy both the crew members and the financial budget. However, like common mass nouns such as water and sand, there are occasions when money is inflected with a standard plural, like any count noun. Both. How long does it take to cook a 23 pound turkey in an oven? Statistics and statistical information/data collected through research and analysis from a specific objective/process provides an ability to analyze, measure, control and improve the process of performance of that specific objective through statistical process control. Who of the proclaimers was married to a little person?

why is money discrete

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