INTERNATIONAL DIPLOMA IN BUSINESS MANAGEMENT
Programme : International Diploma in Business managementSubjectCode : MGE0102/ Business Decision makingAssignment Title : Using statistical techniques in the business
| Summary of the learning Outcomes Covered:
1. Use a variety of sources for the collection of data, both primary and secondary 2. Apply a range of techniques to analyzed data for business purposes 3. Produce information in appropriate formats for decision making in organizational con text 4. Use software – generated information to make decisions at operational, tactical and strategic level in an organization ASSIGNMENT TYPE : Individual / group based assignmentDATE : 29th December 2011DUE DATE : 5thMarch 2012DATE SUBMITTED : 5thMarch 2012ASSESSOR :INTERNAL VERIFIER :
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T 1.1 Difference between a sample and a population
* Population is the area in which you are trying to get information from. * This meaning of population is also used in survey research, but this is only one of many possible definitions of population. * Examples: Cedar Crest students; trees in North America; automobiles with four wheels; people who consume olive oil.
| * Sample is a section of your population that you are actually going to survey. It is important to have a sample that will represent your entire population in order to minimize biases. * Survey research is based on sampling, which involves getting information from only some members of the population. * Samples can be drawn in several different ways, such as probability samples, quota samples, purposive samples, and volunteer samples. * Examples assuming the populations stated above: 47 Cedar Crest students chosen randomly; 8463 trees randomly selected in North America; 20 sample autos from each make (e.g., GM, Ford, Toyota, Honda, etc.); 1% of the oil consuming population per country
T 1.2 Describe the advantages of sampling
* Sampling saves money as it is much cheaper to collect the desired information from a small sample than from the whole population.
* Sampling saves a lot of time and energy as the needed data are collected and processed much faster than census information. And this is a very important consideration in all types of investigations or surveys.
* Sampling provides information that is almost as accurate as that obtained from a complete census; rather a properly designed and carefully executed sample survey will provide more accurate results. Moreover, owing to the reduced volume...
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