ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Is Money Discrete or Continuous? Population Distributions and Statistical Process Control

Updated on July 9, 2009

The measurement of Money, Continuous or Discrete?

In my opinion, the measure of money can be both, but I lean more towards discrete.

Why? For example, 1 and ½ pennies can’t be measured; the monetary value of one and ½ pennies can only be valued as a rounded amount of 2 pennies.

The half of a penny cannot be valued, unless we had a half a penny coin, therefore is discrete. However, money is continuous because it can have many and any value and be of any amount, considerably.

For example, pay, whereas it can have an infinite value. I can be paid any amount of dollars infinitely, but then again my pay is given a specific discrete limit or amount per each hour worked, for example $1.00 an hour not $0.944444 cents an hour.

Statistics for Dummies - Cheaper Ones from E-Bay Below

Sample Data Representing a Population Distributions

Let's assume!

Occasionally when analyzing data between groups or variables there are limitations on the validity of measured tests due to the lack of evidence, data, or information because a sample size is too small or has low value. In addition, we are unable to test an assumption through normal distribution of a specific variable or group if our sample data is small or our data or information is of low value.

Therefore, we want to assume that sample data representing population distributions is normal and that our assumptions have a reasonable probability by large random samples of 100 or more in the distribution of the variables in the population.

In order to assume that sample data represents population distributions, either from the differences or relationships between groups and variables, there are many equations and formulas that are specifically used for each scenario to assume sample data representing population distribution is normal or have a reasonable probability.

Using Statistics in Statistical Process Control

Statistics and statistical information/data collected through research and analysis from a specific objective/process provides an ability to analyze, measure, control and improve the process of performance of that specific objective through statistical process control.

An example in my previous workplace (the "militaire" life):
The process of food ration distribution that each crew member consumes per day based on a financial budget. Considering this, there was a concern amongst crew members with regard to the amount of “little” rations each member receives.

In order for upper management to satisfy both the crew members and the budget, they conduct surveys to gather data and information to form figurative statistics. These figurative statistics, for example, illustrate the amount of rations and the size of rations each member is allowed based on a fixed amount deducted from each member’s daily, weekly and monthly pay. Then these statistics are used in statistical process control to analyze and measure the statistical data; in turn, discovering ways to improve the process of performance to satisfy both the crew members and the financial budget.

Comments

    0 of 8192 characters used
    Post Comment

    • profile image

      peace 

      5 years ago

      if my first class inteval for a price of vehicle is 11,000-15,000 USD, what then will be my second class interval? is it 15,000-20,000, or 16000-20,000

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)