Answered: You are going to monitor customer…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Transcribed Image Text:Suppose that you are interested in customer satisfaction measured on a 0-10 scale. The true probability profile distribution of customer satisfaction is not known, but it is thought to be something roughly like this chart. This chart represents our beliefs about how likely are the various ratings. 40% 35% 30% 25% 20% 15% 10% 5% 0% Most ratings are likely to be in the upper 7-10 range, but there is an almost 20% chance that the rating will be in the 0-3 range. Overall, the mean of this chart is about 7.5 and the standard deviation is 3.3. 0 1 True Underlying Satisfaction 2 3 4 5 6 7 8 9 10 You are going to monitor customer satisfaction by randomly surveying 20 customers per day, which will mean 140 customers per week and 600 per 30-day month. You are going to use survey averages to judge how well a store is performing. You are happy to take the 3.3 figure as a reasonable measure of the variability (standard deviation o) of customer satisfaction rating. ● How reliable will the daily average be, as an estimate of the true underlying mean level of customer satisfaction?* How reliable will the weekly average be, as an estimate of the true underlying mean level of customer satisfaction? How reliable will the monthly average be, as an estimate of the true underlying mean level of customer satisfaction?

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