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JMP® Means Business: Statistical Models for Management by Jane Oppenlander, Josef Schmee

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Chapter 1. About Data

  • 1.1 Introduction 2

  • 1.2 Why Data Are Needed 4

  • 1.3 Sources of Data 5

    • 1.3.1 Existing Data versus New Data 5

    • 1.3.2 Existing Data 6

    • 1.3.3 New Data 7

  • 1.4 Data Scales 11

    • 1.4.1 Ratio Scale 13

    • 1.4.2 Interval Scale 13

    • 1.4.3 Ordinal Scale 13

    • 1.4.4 Nominal Scale 13

    • 1.4.5 Likert Scale 14

  • 1.5 Summary 15

  • 1.6 Problems 16

  • 1.7 Case Study: Green's Gym—Part 1 17

1.1 Introduction

Data are an essential ingredient in learning about the business world and solving business problems. The list that follows gives you a flavor of the numerous business situations requiring data:

  • In monitoring the delinquency rate of credit card accounts, a bank needs data on delinquencies and the demographic factors that might have contributed to them.

  • In evaluating the performance of ...

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