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Is time a categorical value?
Here, time is now categorical, which means we get separate bars for each year. We’ve also broken out the different regions to get individual bars for every combination of market, product type, and year. There are other ways to show the same data: we could stack the bars for the different product groups, for example.
What type of variable is hourly wage?
What type of variable is hourly wage? Quantitative. Numbers having value can be assigned to “hourly wage,” so “hourly wage” is quantitative.
What type of variable is money?
Numeric variable
Money. A Numeric variable where the values represent a currency.
What happens if you make time of the day categorical?
If you make it categorical, then your model will have a separate, independent coefficient (or more precisely, degree of freedom) for each hour of the day. This could be too many variables to fit with your limited available data, in which case you could divide the day into halves or quarters instead of 24ths, which is what hours do.
Is the hour of day a continuous or categorical variable?
It is best thought of as a discrete ordinal variable. It has an added characteristic of being cyclic, since 12am follows 11pm and precedes 1am. Theoretically, it depends on how you format the variable i.e. it can be “continuous” (modeled with a single coefficient) or categorical (a coefficient per “hour” of day).
When to use month and hour as categorical attributes?
For month, group into quarters or seasons, depending upon the use case. Eg: Jan-Mar, Apr-Jun, etc. For day-of-week, group into weekday, weekend. Each of the above can also be used directly as a categorical attribute as well, given enough data.
Is the date Jan 1 categorical or continuous?
Are dates categorical or continuous? They could be treated as either. If you have daily data over the past 20 years, then, while it is technically not continuous (in that you can’t be halfway between Jan 1 and Jan 2), it would be absurd to treat it as categorical.
https://www.youtube.com/watch?v=vrWYw8d2830