For the following situations, would you collect information using a sample or a
ID: 3203821 • Letter: F
Question
For the following situations, would you collect information using a sample or a population? Why? Statistics 201 is a course taught at a university. Professor Rauch has taught nearly 1, 500 students in the course over the past 5 years. You would like to know the average grade for the course. As part of a research project, you need to report the average profit as a percentage of revenue for the #1-ranked corporation in the Fortune 500 for each of the last 10 years. You are looking forward to graduation and your first job as a salesperson for one of five large pharmaceutical corporations. Planning for your interviews, you will need to know about each company's mission, profitability, products, and markets. You are shopping for a new MP3 music player such as the Apple iPod. The manufacturers advertise the number of music tracks that can be stored in the memory. Usually, the advertisers assume relatively short, popular songs to estimate the number of tracks that can be stored. You, however, like Broadway musical tunes and they are much longer. You would like to estimate how many Broadway tunes will fit on your MP3 player.Explanation / Answer
a. In this scenario, population is large enough (nearly 1500 students taught by Professor Rauch), therefore, collecting information student by student is not a feasible option in terms of time and cost. Thus, one should opt for colleting data using sample.
b. This scenario demand specific action, for which each company who has been in the number 1 rank in the Fortune 500 should be recorded for last 10 years. Post that profit as a % of revenue should be calculated. The population in question is not big, as there will be 1 company in each year to be in first position, thus, data should be collected using population.
c. Here, the population in question is as small as 5 (5 pharmaceuticals' company), therefore, one should collect data using population.
d. This scenario requires one to collect data using sample, because, there are many Broadway musical tunes and all cannot be used to test the number of tracks the iPod can store. Therefore, one should randomly select few Broadway tunes to test the storage capacity of the iPod.
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