I conducted a survey where I asked respondents how much they reduced their financial overhead, based on the following options:
- 0% (coded as 0 in my dataset)
- 1-10% (coded as 1)
- 11-25% (coded as 2, etc.)
- More than 75%
My questions are these:
- Should I treat the responses like ordinal or interval data?
- If treated like ordinal and I calculate a median of say 1.5 (somewhere between 1-10% and 11-25% choices), how do I actually interpret a median of 1.5?
Because I am struggling to answer question #2, I am guessing treating this as interval data would be best.