#quantitative-methods-basic-concepts #statistics
Ratio Scale
Ratio scales are like interval scales except that they have true zero points. This is the strongest measurement scale. In addition to permitting ranking and addition or subtraction, ratio scales allow computation of meaningful ratios. A good example is the Kelvin scale of temperature. This scale has an absolute zero. Thus, a temperature of 300°K is twice as high as a temperature of 150°K. Two financial examples of ratio scales are rates of return and money. Both examples can be measured on a zero scale, where zero represents no return, or in the case of money, no money.
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Subject 2. Measurement Scalest. A good example of an interval scale is the Fahrenheit measure of temperature. Equal differences on this scale represent equal differences in temperature, but a temperature of 30°F is not twice as warm as one of 15°F.
<span>Ratio Scale
Ratio scales are like interval scales except that they have true zero points. This is the strongest measurement scale. In addition to permitting ranking and addition or subtraction, ratio scales allow computation of meaningful ratios. A good example is the Kelvin scale of temperature. This scale has an absolute zero. Thus, a temperature of 300°K is twice as high as a temperature of 150°K. Two financial examples of ratio scales are rates of return and money. Both examples can be measured on a zero scale, where zero represents no return, or in the case of money, no money.
Note that as you move down through this list, the measurement scales get stronger.
Hint: Remember the order of the different scales by remembering NOIR (the French wo Summary
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