STAT1060 Business Decision Making Project

STAT1060 Business Decision Making Project

STAT1060 Business Decision Making Project

Exercise 1:    
a)Describe what we mean when referring to a variable as ‘categorical’ The possible responses for the variable fall into categories
b)Describe what we mean when referring to a variable as ‘numerical’ The possible responses for the variable are numbers measuring a quantity (arising from a measuring process)

c)Identify differences between Categorical and Numerical Variables

d)Identify differences between Nominal and Ordinal variables

Exercise 2:

Identification of desirable property features for holiday villages is important for marketing teams and investors in order to facilitate targeted and informed marketing and investment advice. Consider the following questions from a survey of potential holiday-makers and identify both the variable on which data is being collected and the variable’s type:

1)Do you usually require more than two bedrooms when on holiday? 
2)What is the most important sporting facility you desire at a holiday location? (e.g., tennis courts, pool, gym) 
Variable Name:    Sports Facility      Determining  Variable Type

List or describe the possible responses:    tennis courts, pool, gym, etc

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