From the course: Accounting Foundations: Cost Estimating
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Types of data: Quantitative and qualitative
From the course: Accounting Foundations: Cost Estimating
Types of data: Quantitative and qualitative
- You'd be happy if I say it's warm outside. But saying it's warm doesn't help you decide whether to wear a T-shirt or a light sweater. It'd be easier if I said it's 80 degrees and sunny. What I said first is an interpretation of the weather. The second is much more precise. This clearly shows the difference between qualitative and quantitative data. Qualitative data is descriptive. Analysts refer to qualitative data as nominal data, and it describes program items or project quality. The issue with qualitative data is it's usually subjective and ambiguous, just like saying it's warm outside. My warm and your warm will differ. But quantitative data solves this issue. It's objective because it uses precise criteria and labels. When I provide quantitative descriptors like the 80 degrees about how warm it is, you can make a more informed decision on what to wear. But how does this apply to cost estimating? Let's say you wanted to…
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