Final answer:
The measures used by First National Bank of Chicago are quantitative measurements, specifically tracking service quality attributes such as timeliness, accuracy, and responsiveness. Quantitative data is numerical, whereas qualitative data, which is descriptive, is non-numerical and more subjective.
Step-by-step explanation:
The measures used by First National Bank of Chicago are quantitative measurements. Quantitative measurements involve numerical data that can be counted or measured. Since the bank is tracking service quality measures such as timeliness, accuracy, and responsiveness, these are indicative of measurable attributes that can be quantified and expressed numerically.
For example, 'duration (amount of time)' is a quantitative continuous measurement because it can take on any value within a given range and is not limited to separate, distinct values. Similarly, the 'number of times per week' is an example of quantitative discrete data since it consists of countable values. Interest rates charged on financial aid would be considered quantitative continuous data as well, as they can exist on a continuum and include fractions or decimals.
In contrast, qualitative data is non-numerical and includes descriptive information, such as the content of open-ended responses on questionnaires, which are subjective and vary by individual.
Lastly, when discussing the type of scale used in measurement, options like nominal, ordinal, interval, or ratio come into play. For instance, 'high school soccer players classified by their athletic ability' would be using an ordinal scale of measurement since the categories show a logical order. Similarly, 'baking temperatures for various main dishes' is an example of a ratio scale, as they can be ordered, the difference between them is meaningful, and there is a true zero point.