Your work in the office for a major bank. Your bank has its own credit card, and
ID: 3170963 • Letter: Y
Question
Your work in the office for a major bank. Your bank has its own credit card, and only customers of your bank can have this credit. You want to investigate the total of all credit card month end outstanding balances. You have limited demographic information available: age, gender, employer, marital status, address (with postal code and province), number of bank accounts, and number of other credit cards, savings account balances, and chequing account balances. Suggest variables that would be good for stratified random sampling. Justify your selection. If you don't think such a variable is available, state that and justify your answer. Suggest a variable that would be good for one stage cluster sampling Justify your selection. If you don't think such a variable is available, state that and justify your answer. Suggest a variable that would be good for ratio estimation. Justify your selection. If you don't think such a variable is available, state that and justify your answer.Explanation / Answer
a) one variable that will fit the need for stratified random sampling is the address(based on pincode and province ) , as we might be interested in getting an equal contribution of customers from all the provinces so that all provinces are equally represented in the sample
b) one stage clustering assumes that all the samples are selected , however here we do not have a variable selecting which covers all the cases avalable , hence we dont have such a variable available
c) ratio variable can be made by taking 2 numeric variables that have an absolute zero , which means that zero means sense such as zero account balance and credit card balance , hence we can calculate a new variable avaergae accunt balance , which would be the ratio of the savings balance and number of accounts
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