Types of Classification in Business Statistics
Classification of statistical data is made on the basis of the characteristics possessed by individuals in different groups of the units of the world. There are two groups: (i) classification on the descriptive characters. (ii) classification on the numerical characters. Classification According to Attributes This is same as saying classification on descriptive basis. This type of classification can be studied by the following methods. 1. Simple classification 2. Manifold classification. 1. Simple Classification We know, that examples of descriptive are like study of friendship, love, poverty, liberty, and sex. In simple classification, only one problem is selected and is researched on, by dividing it into different subsection, or classes of two groups only. For example, poverty problems are put in one group and others in another group. If we want to study literacy then we put the group who are literate in one c...