...Richmond Housing Market Case 2 Surveys and Sampling A. Identify the population and variables. Population is the whole group of Richmond buyers interested to buy a house. Variables are: location, price, bedrooms, bathrooms, sq.ft, and realtor B. Identify variables as categorical or quantitative. * Location is categorical variable * Price is quantitative variable * Bedrooms are quantitative variable * Baths are quantitative variable * Sq.Ft is quantitative variable * Realtor is categorical variable C. What are some possible population parameters of interest? The parameter in this case is the 182 listing in Richmond, some other options to be considered are: average house price ($310,381), house size, how many bedrooms and bathrooms, location of the house, who is it listed by and the city zone. D. What are some possible sample statistics that could be calculated from this data? It is not necessary to calculate the statistics, just identify them. Average price for houses based on the county location, average household income, preferable characteristic and taste of the house buyers E. What is the sampling frame for the sample? The sampling frame is randomly selected from the single-dwelling properties for sale in the Greater Richmond area shown on the website realestate.aol.com. F. What is the sampling design? Systematic Random sampling (SRS) G. Are there any sources of bias in the sample? Yes – based on the data we have the direction...
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...Term Paper Guideline STAT 500 Length: Less than 1500 words Format: Cleanly typed Students are required to write an article describing a statistical method that will solve a business or management problem; or an creative approach that mainly rely on statistical methods that would advance the current practice. The statistical method involved may or may not relate to statistical concepts or methods covered in the course. Students are encouraged to conduct their own literature research. Information collected from books, magazines or newspapers are acceptable, including any of those found in UNVA’s eLibrary. Students could invent their own practical and feasible solutions to some real issues they experience in their work, though not required. The article should describe well the background of the problem and each of the steps in solving the problem. The length of the article should be within 1500 words; visual aids, such as tables, charts, graphs should be included where necessary. Some business statistics applications example include • Select profitable stocks • Detect fraudulent claims • Score an applicant’s credit • Discover cross-selling opportunities for products • Quantify drug efficacy • Forecast new product sales • Discover new customers • Recognize objects in images • Verify identity through biometrics; and • Anticipate shifts in market sectors for hedge funds • Set individual...
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...statistical method that will solve a business or management problem.Term Paper Guideline STAT 500, Summer, 2011 Due Date: September 18, 2011 Length: Less than 1500 words Format: Cleanly typed Students are required to write an article describing a statistical method that will solve a business or management problem; or an creative approach that mainly rely on statistical methods that would advance the current practice. The statistical method involved may or may not relate to statistical concepts or methods covered in the course. Students are encouraged to conduct their own literature research. Information collected from books, magazines or newspapers are acceptable, including any of those found in UNVA’s eLibrary. Students could invent their own practical and feasible solutions to some real issues they experience in their work, though not required. The article should describe well the background of the problem and each of the steps in solving the problem. The length of the article should be within 1500 words; visual aids, such as tables, charts, graphs should be included where necessary. Some business statistics applications example include • Select profitable stocks • Detect fraudulent claims • Score an applicant’s credit • Discover cross-selling opportunities for products • Quantify drug efficacy • Forecast new product sales • Discover new customers • Recognize objects in images • Verify identity through biometrics; and • Anticipate shifts in market sectors...
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...paper defines Penton Media’s sampling plan and research design for their study on if their reader service cards are still successful in getting buyer’s attentions. There are five questions that develop the sampling plan and Penton Media’s answers to these questions are described in this paper along with the strengths and weaknesses of their decisions. Their research design is also explained in the eight categories given. Finally, the strengths and weaknesses of their research design are given. Case Assignment 2 Penton Media has designed a research study to determine if the reader service cards are still a sustainable form of bringing in customers. Penton Media came up with a sampling plan in order answer this research plan. Their sampling plan answered five questions and has both strengths and weaknesses. They also formulated a research design, which includes eight categories of options to answer their research question. Their research design also includes strengths and weaknesses, and these will be further examined in this paper. Sampling Plan According to Cooper and Schindler (2014), the sampling plan includes five questions. These questions include (p. 344): * What is the target population? * What are the parameters of interest? * What is the sampling frame? * What is the appropriate sampling method? * What size sample is needed? Once you have answered all these questions, you can determine the appropriate sampling design for your study. Penton...
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...Report of the household expenditure survey 2000, Statistical Division, Ministry of Planning, Government of Bangladesh, Dhaka. BBS (2002); Statistical Year book of Bangladesh, 2001, Dhaka. Bunce, L. and R. Pomeroy. 2003. Socioeconomic Monitoring Guidelines for Coastal Managers in the Caribbean: SocMon Caribbean. GCRMN. Bunce, L., P. Townsley, R. Pomeroy, and R. Caribbean. GCRMN. Bunce, L., P. Townsley, R. Pomeroy, and R. Pollnac. 2000. Chandra KJ. Fish parasitological studies in Bangladesh: A Review. J Agric Rural Dev. 2006; 4: 9-18. Cochran, W.G. (1977); Sampling Techniques, 3rded. New Delhi: Wiley Eastern. Davis, James A. (1971). Elementary survey analysis. Des Raj (1971); Sampling Theory. Fox, J. 1984: Linear Statistical Models and Ravallion, M. and B. Sen 1996: When Method Matters: Monitoring Poverty in Bangladesh, Economic Development and Cultural Change, 44: 761-792 Gujarati, Damodar.N; Basic Econometrics. 4TH edition; Mcgraw-Hill. Gupta, S.C., Kapoor; Fundamental of Mathematical Statistics. New Delhi. Heyman, W. and R. Graham (eds.). 2000. The voice of the fishermen of Southern Belize, Toledo Institute for Development and Environment. Punta Gorda. Hogg, R. V. and A. T. Craig (2002): Introduction to Mathematical Statistics, 5th edition, Pearson Education (Singapore) Pte Ltd. Islam, M. Nurul; An Introduction to Sampling Methods: Theory and Applications. Jessen, R.J. (1978): Statistical Survey Technique. Mason, D., Robert and...
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...tQUESTION 2 (JANUARY 2012) 2. B) Materiality is the magnitude of omission or misstatement of accounting information that in light of surrounding circumstances which could influence the economic decision users and matter that can affect professional judgment. Audit risk model provides the foundation for the current emphasis on the risk-based audit account balance or class of transaction. Audit risk model can be specified as, AUDIT RISK = INHERENT RISK x CONTROL RISK x DETECTION RISK Inherent risk is the measure of the auditor’s assessment of the possibility that there is material misstatement in an account balance before taking into account the effectiveness of internal control. Control risk is the risk that material misstatement will not be prevented or detected on a timely basis by an entity’s internal control. Detection risk is the risk that the substantive audit procedures performed will not detect a material misstatement that exists in an account balance or class of transactions. 2. C) i) Inherent risk incurred from enviroment of business or likehood that a material misstatement exist in the financial statement without any consideration of internal control.it is due to economic downturn, the slow collection of debt from the government has increased the level of debt. ii) control risk is the that material misstatement that could occur will not be prevented or detected and corrected by in ternal controls. In this case,it occur when the company do not...
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...Business Research Methods , 11e, Cooper/Schindler 2 from the U.S. Penton database. The survey sample was constructed using strati-fied disproportionate random sampling with subscribers considered as belongingto one of 42 cells (seven industry groups by six job titles). A total of 710 com-pleted questionnaires were received, with 676 of the respondents indicating thatthey were purchase decision makers for their organization. Penton analyzed onlythe answers of these 676 buyers. Data were analyzed by weighting responses ineach cell by their percentage makeup in the overall population. The overall marginof error for the survey was ± 4 percent at the 95 percent level of confidence. In-depth follow-up telephone interviews were conducted with 40 respondents, togain a deeper understanding of their behavior and attitudes. Almost every respondent (97.7 percent) had contacted at least one advertiser during the past year. Newer methods of making inquiries—Web visits,fax-on-demand, or e-mail—were used by half (49.1 percent) of the buyerssurveyed. But a look ahead shows the true impact of information technology. Within the next five years, 73.7 percent expect to respond to more ads by sendinge-mail to the company. In addition, 72.2 percent anticipate visiting an advertiser’swebsite, and 60 percent expect to increase their use of fax-on-demand. Three outof five purchasing decision makers have access to the Internet, and 74.3 percentof those without Internet service expect to have it within...
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...Chapter 3 METHODS OF RESEARCH This chapter discusses the method and procedures employed by the researchers to gather the needed data. It includes the Research Design, Respondents, Sampling Techniques; Instruments used its construction, validation, administration and retrieval, and the statistical treatment of data. RESEARCH DESIGN The researchers employed the descriptive method approach which, according to Thomas (2014), refers to the method used to describe data and characteristics used to describe the population. Its purpose is to acquire accurate, factual, systematic data that can provide an actual picture of the data set that are being reviewed. RESPONDENTS The researchers used ____ College Students from Education, Business Administration and Criminology Department who are currently enrolled in Metro Manila College, Novaliches Quezon City during the Academic year 2016 – 2017. SAMPLING TECHNIQUES The researchers utilized the cluster sampling technique in this study. According to Kelly (2013), Cluster sampling technique is a method of survey sampling which selects clusters such as groups defined by area of residence, organizational membership or other group-defining characteristics. It is often used where a complete list of subjects is impossible or impractical to construct. Cluster sampling is a two- (or more) stage process whereby clusters of individual units are first defined and selected and then samples of individual units are taken from each of the defined clusters...
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...Business Research Methods, Part I Nikkei Crowder, Jessica Thompson, Delores Winton QNT/561 Anthony Matias August 13, 2012 Business Research Methods, Part I There are elements needed when conducting research, such as developing a theory and hypothesis, determining an appropriate research design, collecting data, providing analysis of the data, and revising the theory upon results. This paper will develop a research design behind the auto industry bailout and identify a sample design used for collecting data. Organizational Dilemma What was the ultimate cause of the downfall of the auto industry resulting in a bailout? This research question arising from the dilemma in the auto industry is one that many American’s found him or herself asking after the government decided to bail them out of their financial crisis. In 2008, the auto industry found itself in a downward financial spiral. Gas prices reached over $4 a gallon and the credit debacle is only a couple of reasons for the dilemma the auto industry faced. The country was facing a recession and they blame up-and-coming technologies of distracting technologies to validate and continue the old routine and procedure to fill their pockets with money and bonuses to retain the status quo in the industry without any regard to others affected, even if this method compromises their long-term strategy. Roche (2009), “This qualifies as failed management syndrome because they consider themselves royalty and...
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...Qualitative Research?” 2015). Quantitative research “is about asking people for their opinions in a structured way so that you can produce hard facts and statistics to guide you. To get reliable statistical results, it’s important to survey people in fairly large numbers and to make sure they are a representative sample of your target market.” ("What Is Quantitative Research?” 2015). There also are descriptive and statistical approach’s in this paper that will help with understand what is best for you business research. When constructing a business research there are several sampling methods that can be used. Some sampling methods would be simple random sampling, systematic sampling, cluster sampling and quota sampling and etc. The article I chose to do is called Qualitative and quantitative methods for sampling zooplankton in shallow coastal estuaries. “Many different devices are used for sampling zooplankton. Every sampler has its advantages and limitations in terms of sampling ease and efficiency, which is why hydro biologists search for devices that could increase sampling efficiency and decrease human effort (Nunez et al. 2008).” In this article they used the plankton net sampling method and it is used to sample the lake or pond.” These sampling methods all have their strengths and weakness and to choose...
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...Summary Audit sampling is necessary and helps improve an audit engagement because examining all items are rather very timely, requires more effort, and of course, at higher cost. Audit risks such as inherent, control and detection risk are first assessed when doing audit sampling. Low control risk means auditors rely extensively on the entity's internal control, and vice versa. The process for determining risks and gathering evidences to provide reasonable assurance are done through other audit procedures such as tests of controls and tests of details. These procedures are done by sampling. Using sampling, when auditors do not obtain sufficient and appropriate evidences, there is a risk of not identifying material errors and therefore result in a wrong conclusion. The use of either non-statistical sampling techniques or statistical ones does not directly affect application of audit procedures, appropriateness of audit evidences or courses of actions that could be taken. Even though the procedures in non-statistical sampling is less formal, they are still rigorous. Non-statistical sampling method involves eight steps namely establish objective test, defining the population, determining distortions, determining the appropriate sample size, determination of the right method for the sample selection, proper testing of the selected sample, extrapolating results, risk assessment. Firms include in their policies the techniques which they use to implement auditing procedures....
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...depression/anxiety, whether they take medication for their depression/anxiety, and which form of our product they would prefer to purchase (roll on, cream, liquid, pills). The sampling method that I chose was probability sampling. I chose this method because it means everyone gets the chance to be picked meaning that the results will represent the whole group of interest. Another example of the fairness in this method is someone reaching into a box full of names and picking one out. The selection process ensures that everyone has a chance of winning. The advantages are that it’s not bias and as aforementioned it represents the whole group of interest. The results can also be used to calculate any further statistical analysis. I rejected non random sampling as it’s an unfair selection process as you get to pick people which makes in an unequal selection process. The people that are picked out might not represent the rest of the group and unlike probability sampling you can’t use the results to calculate any further statistical analysis. Unlike probability sampling, this process takes a lot of time as you’d have to pick the people first which already takes up time before collecting the data you need off them. Another method that I rejected was quota sampling because it’s impossible to find a potential error in sampling as it’s not a random selection. A proportion of the...
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...What is “Statistics”? Data collection Chapter 1 of text “a way to get information from data” A framework for dealing with variability A way to make decisions under uncertainty Statistical inference: the problem of determining the behaviour of a large population by studying a small sample from that population Why is statistics important in business? Financial management (capital budgeting) Marketing management (pricing) Marketing research (consumer behaviour) Operations management (inventory) Accounting (forecasting sales) Human resources management (performance appraisal) Information systems Economics (summarising, predicting) See http://www.youtube.com/watch?v=D4FQsYTbLoI What is a population? What is a sample? Population: a collection of the whole of something – e.g. all female students of ANU; all people who live in Tuggeranong; all people who play the flute. Sample: a set of individuals drawn from a population e.g. the female students in STAT1008 are a sample of all female students at ANU. If we have a population…. We can get parameters – true values for things like the centre and spread of the population We know the answers – what proportion are this tall? We look at the population and get the answer. If we have a sample… We can get statistics – these are values that estimate the parameters e.g. sample centre and sample spread used to estimate population centre and population spread We have to use inference to do this estimation – what proportion are this...
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...Chapter 1: The Role of BR I. The Nature of Research A. BR defined B. Applied & basic BR C. The scientific method II. Managerial Value of BR A. Identifying problems or opportunities B. Diagnosing & assessing problems or opportunities C. Selecting & implementing a course of action D. Evaluating the course of action III. When is BR Needed? A. Time constraints B. Availability of data C. Nature of the decision D. Benefits vs costs IV. BR In The 21st Century A. Communication technologies B. Global BR Chapter 3: Theory Building I. Introduction A. What is a theory? B. What are the goals of theory? II. Research Concepts, Constructs, Proposition, Variables & Hypotheses A. Research concepts & constructs B. Research proposition & hypotheses III. Understanding Theory A. Verifying theory B. Theory building Chapter 5: The Human Side of BR: Organizational & Ethical Issue I. Introduction II. Ethical issue in BR A. Ethical qs are philosophical qs B. General rights & obligation of concerned parties C. Rights & obligation of the research participant * The obligation to be truthful * Participants’ right to privacy * Active & Passive research * Deception in research designs & the right to be informed * Experiment designs * Descriptive research * Protection from harm D. Rights & obligation of the...
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...are the instruments you will use to collect data or qualitative information? What is the appropriate sampling method? What sampling frame will be used? What is the appropriate sampling size? How will the sample size be determined? Which qualitative methods will be used and why? Which statistical tests will be used and why? How will the results and insights be displayed? What conclusions should be made if the hypothesis is found to be correct or if it is incorrect?” (University of Phoenix, 2014) The paper will also “discuss the timing and resources required to conduct this research effort and how you will use the insights developed from the study to influence an improvement in the business process or attempt further research”. (University of Phoenix, 2014) Access to the Population BP has access to a large population. With the thousands of employees to the hundreds of franchise owners, BP will be able to conduct a wide variety of surveys, interviews, and focus groups. The participants will have the benefits of the study explained to them, have their rights and protections explained to them, and the conductors of the research will obtain consent (Cooper, 2014, p. 56). Participants will also be assured no physical harm, discomfort, pain, embarrassment, or loss of privacy (Cooper, 2014, p. 56). Customers that enter the gas stations will be asked to fill out surveys and in doing so will be entered into a drawing for free gas. BP will also...
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