Sampling Methods and Statistical Analysis in Market Research
Sampling Methods in Market Research
Defining the Population and Sample
In market research, the population refers to the entire group of people we want to study. A census surveys everyone in the population and collects data called parameters (e.g., age, gender, income). However, surveying an entire population is often impractical, so researchers use a smaller group called a sample and gather statistics from it.
The sampling frame includes all units that could be sampled. There are two main types of
Read MoreFactor Analysis in Research: A Comprehensive Guide
Factor Analysis in Research
Understanding Factor Analysis
Factor analysis is a statistical technique used to reduce large datasets into smaller, more manageable sets of variables called factors. These factors represent underlying constructs or themes that explain the relationships among the original variables. Researchers often employ factor analysis to explore relationships among variables (exploratory factor analysis) or to confirm existing theories about how constructs are interrelated (confirmatory
Read MoreSurvey Research and Causation: Exploring Brady’s Approaches
Survey Research and Causation
Alignment with Brady’s Approaches
Survey research aligns best with the Quantitative/Probability approach to causation described by Brady. This approach emphasizes probability sampling, where random samples are drawn from a population to make inferences about the larger group. The goal is to establish external validity, ensuring the findings can be generalized beyond the sample.
Key characteristics of the Quantitative/Probability approach include:
- Deductive reasoning
- Emphasis
Statistics Terminology and Concepts
Basic Terminology
Data Types
Sample: A portion of the population units sampled to gather information.
Target Population: The entire group of individuals or objects that the researcher is interested in studying.
Continuous Data: Data that can take on any possible value within a range.
Discrete Data: Data that have built-in restrictions on decimal places, such as whole numbers.
Categorical Measurements
Measurements where a unit is placed into a category based on an observed attribute or quality.
Nominal Labels:
Read MoreQueueing Theory and Operations Management Problems
Section A: Multiple Choice
Instructions:
Please write your answer in the underlined space in front of each problem.
Question 1:
Which of the following will increase the waiting time in a call center in which the incoming call gets assigned to the first available server?
- A) Add more servers
- B) Increase the service time coefficient of variation
- C) Increase the average service time
- D) Decrease the average inter-arrival time
- E) Both (a) and (c)
- F) Both (b) and (c)
- G) All (b), (c), and (d)
Answer: (G). Recall the
Read MoreStatistics Cheat Sheet: Formulas, Definitions & Excel Functions
Statistics Cheat Sheet
Key Concepts and Definitions
Data Types
- Categorical Data: Data that can be grouped into categories.
- Numeric: Represented by numbers (e.g., zip codes).
- Non-numeric: Represented by words (e.g., colors).
- Quantitative Data: Numerical data that represents measurements or counts.
- Interval: Differences between values are meaningful (e.g., temperature).
- Ratio: Has a true zero point (e.g., height).
Descriptive Statistics
- Mean (x̄): The average of a data set. Excel: =AVERAGE(data)
- Median: The