Explain the difference between interval and ratio data
One of many merchandise that Firm W makes is snack meals. The analysis and improvement division of Firm W has developed a brand new components for one sort of snack meals that's cheaper to make than the present components. They wish to check the brand new components with shoppers. They wish to see if shoppers can inform the distinction between the previous and new formulation. You intend to conduct this check and analyze the outcomes in step with WidgeCorp's strategy to gathering statistical knowledge and use it to kind enterprise intelligence selections. You first want to elucidate the method to senior administration at Firm W. You advocate utilizing an unbiased pattern of shoppers of their check, in order that Firm W is randomly choosing folks primarily based on the next: age; whether or not or not they've children; the place they reside; how typically they purchase snack meals; and whether or not or not they already purchase the present product.
Put together a presentation that addresses the next:
- Listing no less than three qualitative attributes of the snack meals about which they could wish to ask shoppers. Ensure that no less than 1 of them is nominal.
- For every attribute that's ordinal, assign names for the endpoints of a 5 level ranking scale.
- Clarify the distinction between nominal and ordinal knowledge.
- Clarify how nominal and ordinal knowledge relate to a ranking scale.
- Listing no less than 2 quantitative attributes of snack meals that the scientists may wish to measure.
- Clarify the distinction between interval and ratio knowledge.
- Embody in your presentation the idea of enterprise intelligence.
- Embody in your presentation the distinction between a inhabitants and a pattern.
- Observe why you will need to keep away from bias when conducting analysis (see be aware under).