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Quantitative Objects and Variable Types

WidgeCorp became the market leader in snack foods after acquiring a rival company, Company W. Their management style and business decision-making differed. Employees at WidgeCorp collected relevant data and through statistical analysis used this information to draw conclusions and make appropriate recommendations. Company W tended to rely on the experience and judgment of its managers. For the time being, both companies are being managed separately, but within the next twelve months they will merge all management, processes, and accounting. You work for Company W and are a little nervous about this new way of working, but realize that you need to be able to present issues and recommendations with statistical verification to the WidgeCorp executives. You will also introduce and employ statistical analysis to the senior management of Company W's various departments such as Marketing, Sales, and Production. Part of your job will be to educate Company W as well.

The marketing department likes to know patterns about the consumers who call the 1-800 phone bank with questions/problems.

You meet with them to discuss the matter. Suggest at least 3 quantitative objects that you should keep track about each caller and/or their behavior with respect to the snack food category and indicate if each variable is continuous or discrete.

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Step 1
The three quantitative objects that I will keep track of with respect to the snack food category are the amount of time the customer on the 1-800 phone banks spends on the phone untill her questions or problems are solved by the customer care representative. The time may range from 0 minutes to 90 minutes. This is a continuous variable.

The second quantitative object is whether the customer purchases WidgeCorp/Company W products again during the next one month after making a call to the phone bank. It is 'yes' if a customer makes a purchase, and when customers do not purchase again from WidgeCorp/Company W it is 'no'. This is a discrete variable.

The third quantitative object is the ...

Solution Summary

This posting gives you a step-by-step explanation of Quantitative Objects. The response also contains the sources used.