Understanding Business Drivers and Improving Business Forecasts
Reesey73
BigDIncorporated.pptx
Big D Incorporated
Business Analysis
Nominal vs. Ordinal Data
Nominal data is used to “name,” or label without any quantitative values.
Often, data is called "named"-a term derived from the nominal word.
You can count and order but not measure; Gender, eye color, and hair color.
Ordinal data provide good information about the order of choices.
Often, data is called “order”- a term derived from the ordinal word.
Ordinal data are typically measure of non-numeric concepts; customer survey, happiness, and discomfort.
Nominal data is used to “name,” or label without any quantitative values.
Often, data is called "named"-a term derived from the nominal word.
You can count and order but not measure; Gender, eye color, and hair color
Ordinal data provide good information about the order of choices.
Often, data is called “order”- a term derived from the ordinal word.
Ordinal data are typically measure of non-numeric concepts; customer survey, happiness, and discomfort.
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Sporting Good Qualitative Attributes
Ordinal- specific order or ranking.
Customer satisfaction survey using a rating scale of one to five. One representing the lowest and five representing the highest.
Ranking customer’s opinion with overall shopping experience.
Nominal- measuring categorized responses.
Brands, location and sizes.
Ordinal- specific order or ranking.
Customer satisfaction survey using a rating scale of one to five. One representing the lowest and five representing the highest.
Ranking customer’s opinion with overall shopping experience.
Nominal- measuring categorized responses.
Brands, location and sizes.
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Ordinal Attributes: 5 Point Rating Scale
| Rate one (lowest) to five (highest) | |||||
| Subject | Dissatisfied | Some What Dissatisfied | Some What Satisfied | Satisfied | Highly Satisfied |
| Customer Service | 5 | ||||
| Sizes | 4 | ||||
| Location | 3 | ||||
| Price | 2 | ||||
| Brands | 1 |
Interval vs. Ratio Data
Interval Data is one where there is order and the difference between two values is meaningful and equal.
No true zero point or fixed beginning.
Example: Zero degrees Fahrenheit, time of each day in a 12-hour clock, and test scores (SAT and ACT).
Ratio Data has a clear definition of zero.
Measured from absolute zero.
Examples: Height, weight, and number of children.
Interval Data is one where there is order and the difference between two values is meaningful and equal.
No true zero point or fixed beginning.
Example: Zero degrees Fahrenheit, time of each day in a 12-hour clock, and test scores (SAT and ACT). On the other hand .ratio data has a clear definition of zero.
Measured from absolute zero
Examples: Height, weight, and number of children
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Sporting Goods Quantitative Attributes
Quantitative Attributes- numerical
Different brands of tennis shoes
Different sizes for males
Different sizes for females
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Quantitative Attributes- numerical
Different brands of tennis shoes
Different sizes for males
Different sizes for females
Population vs. Sample
Population data set contains all members of a specified group (the entire list of possible data values).
Examples: 8 thousand students at CTU, 10 dogs in a shelter.
Sample data set contains all members of a specified group (the entire list of possible data values).
Examples: Number of male and female students, how many dogs have been adopted.
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Population data set contains all members of a specified group (the entire list of possible data values).
Examples: 8 thousand students at CTU, 10 dogs in a shelter.
Sample data set contains all members of a specified group (the entire list of possible data values).
Examples: Number of male and female students, how many dogs have been adopted.
References
Blog, F. (2019, September 5). The 4,5, and 7 Point Likert Scale [Questionnaire Examples]. Retrieved January 12, 2020, from https://www.formpl.us/blog/point-likert-scale.
Bowerman, B., O'Connell, R., Murphree, E., & Orris, J. B. (2014). VitalSource Bookshelf Online. Retrieved January 12, 2020, from https://online.vitalsource.com/#/books/1259616401/cfi/36!/4/[email protected]:28.5.
Roberts, D., & Roberts, F. (2012). Retrieved January 12, 2020, from https://mathbitsnotebook.com/Algebra1/StatisticsData/STPopSample.html.
