Is Money Discrete or Continuous? Population Distributions and Statistical Process Control
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
- Before getting into this, you need to know How to calculate simple statistics.
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.