Posted: November 2nd, 2015
Statistics for Business and Economics
How would you define statistics? How is statistics used in business decision
making?
Basic Statistics for Business and Economics,
How do we define measurement? What are various levels of measurement? How do you
select measurement levels when developing a survey or data collection tool?
Explain with examples.
Level of Measurement
Develop five demographic questions to measure gender, age, years of experience,
level of education, and ethnicity. Identify the level of measurement used.
Four Levels of Measurement Scenario
Data was collected by a large car manufacturer concerning a new prototype car, the
Cielo. Thirty carefully selected respondents were shown the car and fully briefed
about its capabilities. The data collected included age in years, gender, social
status—ranging from 10, low status, to 30, high status measured by Likert scale;
attitude toward the Cielo—ranging from 6, negative attitude, to 30, positive
attitude measured by Likert Scale; and intention to purchase the Cielo—yes or no.
Use the previous scenario “Levels of Measurement” to identify the following:
Whether the data is qualitative or quantitative
The measurement level for each variable
Justify your answer with your understanding of four levels of measurement.
Develop 1 to 2 research questions that could be answered by the data.
Discuss how the findings might help with business decision making.
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