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Concepts And Terminology Of Statistics Applied To Business Decision Making

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Mgmt 600

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Statistics applied to Business Decision Making Name course assignment option Qualitative attributes of outdoor sporting goods Nominal- These are categorical choices such as ➢ Color of outdoor gear (Black, brown, blue) ➢ Brands preferred (Adidas Group, Columbia Sportswear, VF Corp.) Ordinal – this is ranking of an attribute such as ➢ The satisfaction level of the consumer with the goods provide ➢ Quality of the products Names for the endpoints of a 5 point ordinal rating scale Ordinal attributes can be ranked to determine customer preference Attribute 1 2 3 4 5 Satisfaction Dissatisfied Somewhat Somewhat Satisfied Very dissatisfied satisfied Fair Good of consumers Quality of Poor product satisfied Very Good Excellent Difference between nominal and ordinal data. Nominal ➢ Nominal data or scales refers to labels that are used to identify data without corresponding quantitative value ➢ The values used for the labels have no significance numerically Ordinal ➢ Ordinal data is one which can be arranged in a certain order or rank ➢ As a scale it is used measure concepts which do not have a numeric value such as satisfaction to show the level To what extent are you satisfied with our sporting gear? Example 1-dissatisfied 2-somewhat dissatisfied 3-somewhat satisfied 4satiesfied 5-Very satisfied How nominal and ordinal data relate to a rating scale. Nominal ➢ Nominal data relates to a rating scale in that no scale can be attached to i ...
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