Quantitative variables take the form of numerical figures. Qualitative variables describe data by placing them into broad categories. For example, the number of units that your business sells over a ...

A two-valued qualitative variable can be represented by a single 0-or-1-valued "dummy" variable. If a qualitative variable has three or more possible values (e.g., make-of-car, or marital-status), ...

At times it is desirable to have independent variables in the model that are qualitative rather than quantitative. This is easily handled in a regression framework. Regression uses qualitative ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...