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What is the definition of nominal in statistics?

Nominal Statistics. Nominal prices merely reflect the actual current price or value of a statistic. A nominal statistics means it has been unadjusted. e.g. nominal prices ignore the effects of inflation. Nominal figures also exclude other adjustments such as seasonal adjustment.

What does nominal meaning?

Nominal may refer to one of two definitions. It means very small or far below the real value or cost, and in finance, this adjective modifies words such as fee, or cost.

What is the difference between nominal and ordinal data?

"Nominal" data involves naming or identifying data; because the word "nominal" shares a Latin root with the word "name" and has a similar sound, nominal data's function is easy to remember. "Ordinal" data involves placing information into an order, and "ordinal" and "order" sound alike, making the function of ordinal data also easy to remember.

What does nominal mean in math?

Nominal means the notional or minimum significance of a thing. This is different from most things in mathematics. Things in mathematics tend to be literally true, and you can trust them to do the same thing they always do no matter what. But not so with nominalism.


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