Select four variables, other than what your fellow students have already selected, that could be measured by nominal, ordinal, interval, and ratio scale. Classify them by measurement scale and select descriptive statistics that can be used to summarize data. Use following table when posting your response:
Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision.
What level of data is a telephone number? Explain. Why is it important to make a distinction between four levels of measurement?
What are the various methods one can use to identify the shape of data distribution collected for research study? Why it is important to know the shape of distribution? How it can be used in decision making? Provide examples other than those already posted in class?
Can mean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of central tendency? When is the median the best measure of central tendency.
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