Determine the level of measurement of the data set. Explain.

Question

The total compensations (in millions of dollars) of the ten highest-paid CEOs at U.S. public companies are listed. (Source: 24/7 Wall St.)

280.6 66.9 42.9 36.5 34.3 31.6 31.6 28.8 26.4 25.8

Accepted Answer

Welcome back, everyone. In this problem, we want to identify the level of measurement of the following data set. A survey lists the annual distances in thousands of miles flown by the top 10 commercial airline pilots as follows 120.5, 115.3, 109.8, 105.7, 102.4, 100, 98.6, 97.2%, 95.1, and 93.8. A says A it's an ordinal level of measurement. B an interval, C ratio, and the D says it's nominal. Now to identify the level of level of measurement, we'll need to define each level. Recall that for the nominal level of measurement, data are labels or names, OK, names with no order or ranking, OK? So the clue there is in the name nominal. So this could be like colors or or names and so on. Now, for an ordinal level, data can be ordered or ranked, OK? can be ordered or ranked, thus the name ordinal, but differences between values are not meaningful. For example, class ranks. And for interval level or for the interval level data have meaningful differences between values, so it has meaningful differences. OK. Between values. But there is no true 0, for example, the temperature in Celsius. And finally, for ratio level of measurement, data have meaningful differences and a true zero. OK? So ratios are reasonable. For example, heights, weights, or distances. Now what do we know about our data here? Well, we know that the data are annual distances flown, measured in thousands of miles which are numerical values. It has a true zero because a distance of 0 miles means no distance was flown, and the ratios are meaningful because it would be reasonable to say one pilot flew twice as far as another. So since the data are numerical, OK, since the data are numerical, have a true zero, OK. And the ratios are meaningful, OK. Then the level of measurement is ratio. C is the correct answer. Thanks a lot for watching everyone. I hope this video helped.

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Determine the level of measurement of the data set. Explain.
The total compensations (in millions of dollars) of the ten highest-paid CEOs at U.S. public companies are listed. (Source: 24/7 Wall St.)
280.6 66.9 42.9 36.5 34.3 31.6 31.6 28.8 26.4 25.8

Key Concepts

Levels of Measurement

Ratio Level Data

Descriptive Statistics

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Determine the level of measurement of the data set. Explain.The total compensations (in millions of dollars) of the ten highest-paid CEOs at U.S. public companies are listed. (Source: 24/7 Wall St.)280.6 66.9 42.9 36.5 34.3 31.6 31.6 28.8 26.4 25.8