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Q. What is Univariate and Bivariate Data?
Ans.
Univariate data is data gathered about a single variable. Univariate studies could include a study of the amount paid by Americans for car insurance, or a study done to determine the percent of the population that will vote for a particular presidential candidate. In both of these examples, there is only one variable being considered: amount paid for insurance or planned vote.
Bivariate data is data about two different variables gathered from a population. Bivariate studies might include a study on if the amount of cholesterol in the diet affects the chances of someone having heart disease, or if the amount of sleep one gets affects the ability to concentrate. In the first study the two variables being considered are cholesterol intake and heart disease. In the second study the two variables are the amount of sleep and the ability to concentrate.
#question:how cost classification can helpful for planning, controlling and decision making
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