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MARK2007 MARKETING RESEARCH – Assignment 4

Part A / Descriptive Statistics

 

Consider the case of Alicia Warren, the owner of a small IT consulting business.
She has eight employees. Here are their annual incomes:

 

Alicia

$4,000,000

Laura

$95,000

Devon

$75,000

Michael

$70,000

Luca

$110,000

Renzo

$65,000

Geoff

$90,000

Markus

$65,000

Natasha

$85,000

 

1)         What is the mean income? Does the mean income properly represent the group? Why?

 

 

2)         What is the median income?  Does the median income properly represent the group?

 

 

3)         If a tenth employee, Liam, is hired at a salary of $81K, what is the median income?

 

 

4)         What is the mode?  Does it properly represent the group? Why?

 

 

5)         If Devon made $95K, what is the mode, all other things being equal?

 

 

6)         If Renzo made $100K, what is the mode, all other things being equal?

 

 

7)         If Alicia in fact made $125K, what is the mean, all other things being equal?
(Assume 9 employees total).  Does this new mean better represent the group?

 

 

8)         Of all three measures of central tendency, why is the mean the most useful?
What is the biggest drawback of the mean?

 

 

9)         What is the range of (original) incomes?

 

 

10)         What is the standard deviation (of the original incomes)?  
What is the standard deviation, if Alicia makes $125K?
Comment on the difference between the 2 standard deviations

 


Part B / Match the definition to the appropriate term:

 

 

1.  Error due to study design, that is difficult to measure

 

2.  Another term used to describe interval and ratio measures

 

3.  Error due to failure to include some elements of the defined target population in the sampling frame

 

4.  An observation so different in magnitude from the rest that is treated as a special case

 

5.  Multivariate technique used to study the relationship between 2 (or more) categorical variables, which considers the joint distribution of sample elements across variables

 

6.  Another term used to describe nominal and ordinal measures

 

7.  The difference between results obtained from a sample and results that would have been obtained had the information been gathered from the entire population

 

8.   A projection of the range within which a parameter will lie, given the level of confidence, based on a statistic obtained from a probability sample

 

9.  Failure to obtain information from some elements of the population that were selected and designated for the sample.

 

 

10.   Numbers assigned to objects or classes of objects solely for the purpose of identification

 

 

A.   Continuous Measure

B.     Non Sampling Error

C.    Outlier

D.  Nonresponse Error

E.     Cross Tabulation

F.     Convergence Error

G.  Sampling Error

H.    Nominal Scale

I.       Categorical Measure

J.    Refusal Error

K.     Sampling Rate

L.     Noncoverage Error

M.  Blunder

N.    Confidence Interval

O.    Discrete Variable

 

1.     _____       2. _____   3. ______         4. ______         5. _____



6.      _____      7. _____   8. ______         9. ______      10. _____