(Answered) Why is it important to understand whether the data is

Finance

Why is it important to understand whether the data is discrete or continuous?

Why is it "important to understand which type of data you are dealing with in each situation"?

Is continuous data considered "categorical" data?

Suppose you are a manager in a department store and you are creating a probability distribution for shoe sales. Your store stocks the standard shoe sizes -- 6, 6 1/2, 7, 7 1/2, etc. Would you need to create a discrete probability distribution or a continuous probability distribution?

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