Statistically picking best range

montrof
montrof used Ask the Experts™
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I have a list of values that are grouped into 5 dollar ranges.  I was wondering if I change it to 10 dollar ranges is there a way to statistically measure which is better or shows the data better.

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Montrof
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Statistically $5 ranges will be more "accurate" as it they hold more information, but "accurate" is a subjective term. It depends on what you are trying measure and show.

In any data collection there are small errors and more refined data will pick up small localized trends that may not be of interest.  By using a $10 range these  possible "artifacts" of your data will be averaged out to some extent, and your data will appear smoother showing the larger long term trend. Technically $10 ranges are less "accurate",  but might represent the trend you are trying measure more "accurately".

In short there is no yes or no answer to your question. It is a subjective call on your part based on what you are trying to measure, show and learn from the data.

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