Decision Making: Qualitative Attributes of Mountain Bikes Project

Verified

Added on 2023/04/22

AI Summary

This project delves into the decision-making process for mountain bikes, focusing on both qualitative and quantitative attributes. It explores the application of nominal and ordinal data, examining how these data types influence the analysis of consumer preferences and market segmentation. The project also addresses the importance of avoiding bias in research, highlighting the differences between population and sample data, and defining the target market. Furthermore, the project touches upon the concepts of interval and ratio data. The assignment includes a bibliography of relevant sources, providing a comprehensive overview of the methodologies used in the analysis of outdoor sporting goods and their attributes. This project aims to provide a practical understanding of how statistical vocabulary can improve business decisions.

Contribute Materials

Your contribution can guide someone’s learning journey. Share your documents today.

DECISION MAKING
PROCESSMountain Bike

Secure Best Marks with AI Grader

Need help grading? Try our AI Grader for instant feedback on your assignments.

QUALITATIVE ATTRIBUTE OF OUTDOOR
SPORTING GOODS
2 Potential Populations:
 High-risk sports
 Extreme sports
1. Is the mountain
bikes for males,
females or for
kids? (nominal)
2. How does cycling
make you feel on
a scale of 1 to 5,
1 being the
highest? (ordinal)
3. How important is
comfortability
when purchasing
mountain bikes on
a scale of 1 to 5, 5
being the highest?
(ordinal)

ORDINAL QUALITATIVE ATTRIBUTES
1. I enjoy the element of danger
associated with mountain biking.
2. Mountain biking is part of my identity.
Agree Neutral Disagre
e
Strongl
y
Agree
Strongl
y
Disagre
e
Agree Neutral Disagre
e
Strongl
y
Agree
Strongl
y
Disagre
e

DIFFERENCE BETWEEN NOMINAL DATA & ORDINAL
DATA
 Nominal data is
the classification
between male or
female, range in
ages, people
comes between
35 to 45 age and
another range is
above 45 age
 Ordinal data
comes in order or
ranking.

Secure Best Marks with AI Grader

Need help grading? Try our AI Grader for instant feedback on your assignments.

DIFFERENCE BETWEEN NOMINAL DATA & ORDINAL
DATA (CONT.)
Source: (Black, 2013)

HOW ARE THE NOMINAL AND ORDINAL
DATA RELATED TO A RATING SCALE?
WHAT WE MEAN BY INTERVAL & RATIO
DATA?

QUANTITATIVE ATTRIBUTES OF MOUNTAIN BIKES
Males Females Younger
Riders
Old
Riders
0%
10%
20%
30%
40%
50%
60%
70%
80%
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
What is the importance of avoiding bias when
conducting research?
No. of Participants
Source: (Black, 2013)

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser

POPULATION VS. SAMPLE
 Difference between
population and
sample.
How I have defined
target market for
this project?
Geographic
Gender, Age
Psychographi
c
Values and
lifestyles
Behavioral Product loyalty
Demographic
City, Region,
Climate
Population Sampl
e

BIBLIOGRAPHY
Black, K. (2013). Applied business statistics : making
better business decisions. Singapore: Wiley.
Diez, D., Barr, C. & Rundel, M. (2016). OpenIntro
statistics. United States: publisher not identified.
Mirakhor, A. (2014). Introductory Mathematics and
Statistics for Islamic Finance. Singapore: Wiley.
Stine, R. & Foster, D. (2018). Statistics for business :
decision making and analysis. Boston: Pearson.
Roberts, L., Jones, G., & Brooks, R. (2018). Why do you
ride?: A characterization of mountain bikers, their
engagement methods, and perceived links to mental health
and wellbeing. Frontiers in psychology, Vol. 9, pp. 1642.