Suppose you are a market researcher conducting a study to determine the average household income in Durban North. Your budget allows you to survey only 500 households out of the 50,000 households in that particular suburb. Explain how you would use random sampling to select your sample focusing upon the potential sources of bias and error that may arise in the process

Suppose you are a market researcher conducting a study to determine the average household income in Durban North. Your budget allows you to survey only 500 households out of the 50,000 households in that particular suburb. Explain how you would use random sampling to select your sample focusing upon the potential sources of bias and error that may arise in the process

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Which modeling techniques are suitable to build a predictive model ? (Multiple answer may be correct) Group of answer choices Multiple linear regression Classification tree Logistic regression Clustering
Refer again to the gasoline sales time series data in the following table. Using a weight of 1/2 for the most recent observation, 1/3 for the second most recent, and 1/6 for third most recent, compute a three-week weighted moving average for the time series. Use rounded for two decimal places values for intermediate calculations. Use minus sign for negative values. Compute the MSE for the weighted moving average in part a. Do you prefer this weighted moving average to the unweighted moving average? Remember that the MSE for the unweighted moving average is 10.22. Round your answer to two decimal places. Suppose you are allowed to choose any weights as long as they sum to 1. Could you always find a set of weights that would make the MSE smaller for a weighted moving average than for an unweighted moving average? Why or why not?
Surveys are useful in describing the characteristics of a large population. No other research method can provide this broad capability, which ensures a more accurate sample to gather targeted information in which to draw conclusions and make important marketing decisions. Describe the main questions to be answered first before selection of a representative sample
Explain how cluster sampling is different from stratified sampling
Develop a 1 year periodized program for a Major League Baseball population. Use the traditional periodization model and align your periods with the four sport seasons. Explain why you made the selections of frequency, load, duration, and specific exercises.
Explain why longitudinal studies and multiple regression analyses can help address the issues of temporal precedence and internal validity concerns that limit the conclusions we can make using bivariate correlations.
a. Explain how a forester would choose a particular BAF for point sampling. Explain in terms of efficiency, accuracy, and objectives, based on particular stand and market conditions.
The 2003 Statistical Abstract of the United States reported the percentage of people 18 years of age and older who smoke. Suppose that a study designed to collect new data on smokers and nonsmokers uses a preliminary estimate of the proportion who smoke of .30. a. How large a sample should be taken to estimate the proportion of smokers in the population with a margin of error of .02? Use 95% confidence. Remove all commas from your answer before submitting. Round your answer to next whole number. b. Assume that the study uses your sample size recommendation in part (a) and finds 520 smokers. What is the point estimate of the proportion of smokers in the population? (to 4 decimals) c. What is the 95% confidence interval for the proportion of smokers in the population? (to 4 decimals)
Four sampling strategies have been proposed to help a bank determine whether customers favour opening on Saturdays versus keeping branches open longer during the week. For each, discuss what kind of sampling strategy is involved and what (if any) biases might result. (a) Sponsor a commercial during a TV program, asking people to dial one of two phone numbers to indicate which option they prefer. (b) Hold a meeting at each branch and tally the opinions expressed by those who attend the meetings. (c) Randomly select one day at each branch and contact every customer who visits the branch that day. (d) Go through the bank’s customer records, selecting every 100th customer. Hire a survey research company to interview the people chosen.
Given two independent random samples with the following results: n1=441 x1=185 n2=560 x2=351 Can it be concluded that there is a difference between the two population proportions? Use a significance level of α=0.05 for the test. Step 1 of 6: State the null and alternative hypotheses for the test. Step 2 of 6: Find the values of the two sample proportions, p^1 and p^2. Round your answers to three decimal places. Step 3 of 6: Compute the weighted estimate of p,p‾. Round your answer to three decimal places. Step 4 of 6: Compute the value of the test statistic. Round your answer to two decimal places. Step 5 of 6: Determine the decision rule for rejecting the null hypothesis H0. Round the numerical portion of your answer to two decimal places. Reject H0 if ...... ...... ...... Step 6 of 6: Make the decision for the hypothesis test.
Use a graphing calculator to create a scatter plot and find the line of best fit and the correlation coefficient for the following data. Round to the nearest hundredth. X 5 10 15 20 25 30 35 y 1,800 1,750 1,590 1,490 1,400 1,275 1,010
1 3. 4 y 703 3295 8279 14390 25470 37673 Use linear regression to find the equation for the linear function that best fits this data. Round to two decimal places.