VARIABLE OF INTEREST: Definition, types and examples.

VARIABLE OF INTEREST: Definition, types and examples.
VARIABLE OF INTEREST: Definition, types and examples.

Variable of interest is a very broad study as it is more like an experimental system with a quality being unstable in terms of measurement.

This is every business needs to know about the Variable of interest so they can be able to control their data and costs in situations when it becomes unstable by either decreasing or increasing, whichever way it falls, Its better to have a knowledge on it so you can prepare earlier and you don’t end up losing more.

There is need to know about the amount of data available in every field of application by turning them into useful information and using them for your own advantage.In this article, you’ll know more about Variable of interest like the definition, types and of course examples of it. Just don’t stop reading

What Is Variable Of Interest?

Variable of interest can be referred to as a field of study which is controlled by data in a way that when the data is obtained in some cases, you’ll know how the factors are influenced by another factor and a type of Variable which is the response variable.

As a quick example, let’s consider an instance designed to find the effect of three different program exercise on the infestation level of animals with elevated infestation.

Since this is an instance, each of the animals are referred to as an instance unit, so the response variable can be seen as the infestation level of each of the animals at the completion of the program exercise and the program exercise is the factor whose effect on the infestation level is being investigated.

So every level of the exercise program which could be three or even five is referred to as the treatment.

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How Does It Work?

A variable of interest can be applied to any situation in any sector, it could be in the health sector or even the business sector but one thing that is accurate for sure is the way you apply it.

The Variable of interest is a very broad study controlled by factors that enables the data gotten to be supervised thoroughly because as already mentioned, the data may be gotten about how the factors which has an impact on another Variable gets a response.

A variable can occur in any form, it could come as a factor, trait or even a statement as it changes constantly depending on the change in the environment it is applied.

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Types Of Variable Of Interest

The Variables of interest are broadly categorized into four parts and they are the independent variable, dependent variable, continuous variable and categorical variables.

Asides these ones mentioned, there are still other types of variable of interest and even if they are not as popular as the ones mentioned, each of them still has their unique data attributes.

Independent Variable

This Variable of interest deals with being computed in terms of research to acknowledge the influence of the dependent variable. It is usually referred to as the experimental variable or the resultant Variable.

Dependent variable

The dependent variable is usually referred to as the criterion Variable as it is mostly applied in non experimental situations. Just as the name implies, it is dependent on the independent variable because both Variables are connected in some aspects and in some cases it gets affected by other Variables. 

Either of the Variables which gets affected by the other Variable is referred to as an endogenous Variable.

The Variable which has a greater influence impacts the relationship between them and there are also hidden Variables who impact the relationship between the independent and dependent variable and it is called the lurking Variable.

Continuous Variable

The continuous Variable of interest is the one that measures some quality and isn’t controlled by any Variable and so boundary is set and that is why it is referred to as the continuous variable. It can be separated intointerval orratio or discreteVariables.

The interval Variable is a centralized attribute that is created along with some numerical values in a specific range. The ratio Variables acts according to intervals while the discrete Variable remains constant in any experiment as it is a control Variable.

Categorical variables

This type of Variable of interest is very broad but it is infinite but it lacks numerical data. They are usually attributed in anything relating to software. It is segregated into nominal variable, dichotomous and ordinal Variables.

For example, if a web developer defines his/her environment into various types of network based on their exact structure such as cloud computing and P2P, the network is categorized into two categories.

In a dichotomous Variable, if a person is asked if he owns a house the answer would be no or yes, this means they are distinct Variables while the ordinal Variables includes two or more categories.

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Variable Of Interest Example

Just as aforementioned, a variable of interest can be applied in different sectors ranging from the business to the health sector so to help you understand better, we’ll use a very quick example by applying a dependent variable of interest.

If a manager decides to employ some persons, he would know the capacity of each individual. So the process and completion of the project is the main criteria which is fully relied and dependent is on time and work.

The independent variable is the time and work which may fully not reflect on the employee but the manager focuses on the time and work which is the independent variable of interest that leads to the change in productivity known as the dependent variable.

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Independent Variable Of Interest

The independent variable of interest is the one that supersedesthe impact of the dependent variable. It views the impact of the dependent variable and it is known as the predictor Variable.

For instance, if a business owner wants to hire some persons to complete a project he would look at the capacity of each person through an interview.

For some business owners, he would know the reason why most of the persons passed the interview and also the reason why some failed the interview while doing that, he would be able to predict the reason why which is the independent variable.

Asides the independent variable, there is also a variable similar to it which is known as the covariate Variable but this Variable isn’t independent but instead it isinfluenced by the dependent variable but still it is not one of the common Variable of interest.

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What Variable Affects Both Variable Of Interest?

The Variable that affects both Variable of interest which is the dependent and independent variable of interest is the lurking Variable.

As aforementioned, the both Variables are connected as one is dependent on the other. However, they are both influenced by the lurking Variable which is termed as an endogenous Variable.

This lurking Variable is actually hidden but it greatly affects the relationship between the dependent and the independent variable.

In a case where the independent variable is not influenced by any other Variable due to it being restricted a particular extent, it is known as an explanatory variable.

So in essence, the Variable that affects both Variable of interest is known as the lurking Variable but when it is restricted, it is known as an explanatory variable.

Conclusion

Variable of interest is a very broad field of interest and that is why it is seen as an experimental study because the quantity it is measured in is ever changing and by that it means it is not stable. All you need to know about the Variable of interest has been compiled into this article, I hope you find the knowledge you seek concerning it.

Variable Of Interest FAQs

What Is Variable Of Interest Rate?

Variable of interest rate is the rate of interest on a specific loan or a security loan that fluctuates in terms of increasing or decreasing over time because it depends on a benchmark that is underlying with an interest rate that change periodically.

What Are Kinds Of Variables?

A variable on its own is an attribute that can assume different values such as age, height, grades, income and even the type of housing. They are segregated into two categories such as numeric and categorical.

What Is Data Collection In Variable Of Interest?

Data collection is the key part of Variable of interest. The data is the figures and facts that are collected, summarized and analyzed for the use of presentation in the Variable of interest.

References

  • britannica.com – About Variable of interest
  • educba.com – All you need to know about the types of Variable of interest

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