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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 .
The level of measurement is the type of data that is measured. The word scale, including in academic literature, ... Some data are measured at the ratio level ...
The concept of data type is similar to the concept of level of measurement, but more specific. For example, count data requires a different distribution (e.g. a Poisson distribution or binomial distribution) than non-negative real-valued data require, but both fall under the same level of measurement (a ratio scale).
Some types of normalization involve only a rescaling, to arrive at values relative to some size variable. In terms of levels of measurement, such ratios only make sense for ratio measurements (where ratios of measurements are meaningful), not interval measurements (where only distances are meaningful, but not ratios).
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).
It is when a Likert scale is symmetric and equidistant that it will behave more like an interval-level measurement. So while a Likert scale is indeed ordinal, if well presented it may nevertheless approximate an interval-level measurement. This can be beneficial since, if it was treated just as an ordinal scale, then some valuable information ...
The total-debt-to-total-assets ratio is one of many financial metrics used to measure a company’s performance. In this case, the ratio shows how much of a company’s operations are funded by debt.
Ratios can be calculated. Examples include age, income, price, costs, sales revenue, sales volume and market share. More than one rating scale question is required to measure an attitude or perception due to the requirement for statistical comparisons between the categories in the polytomous Rasch model for ordered categories. [1]