Variable for Business Analyticsbr What is a variable?br A variable is any characteristics, number, or quantity that can be measured or counted. br A variable may also be called a data item. Age, sex, business income and expenses, br country of birth, capital expenditure, class grades, eye colour and br vehicle type are examples of variables. It is called a variable br because the value may vary between data units in a population, and may change in value over time. br br For example; 'income' is a variable that can vary between data units in a population br (i.e. the people or businesses being studied may not have the same incomes) br and can also vary over time for each data unit (i.e. income can go up or down). as per Australia Bureau of Statisticsbr br Binary (or Dichotomous)br Which has only two catagoriesbr Example: YesNo, PassFail etc.br br Nominal Variables:br Which has sevaral unordered category.br Example: Types of Account, Types of Product, br Types of Charges etc.br br Ordinal Variablesbr This types of variables has sevaral ordered catagory.br Example: High, Medium, Low etc.br br Continuous variable:br A continuous variable is a variable br that has an infinite number of possible values. br In other words, any value is possible for the variable. br Can take any value with in a specified range.br br Example: Amount, Hight etcbr br Discrete Variablesbr Can take only a set of particular variable br Including negative and fractional value.br br Example: cibil score, Number of States in a country, Number of persons in a family etc.