Sampling Process in Business: Components & Examples

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question 1 of 3

Basin Wind & Sky ski resort signs most of its employees to seasonal, full-time roles. Payroll costs vary from year to year based on dates of operation and snow conditions. Which statistical analysis element allows Basin Wind & Sky to assess these fluctuations as normal rather than abnormal?

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1. Raj is an industrial psychologist who specializes in the relationship between retail product placement and consumer buying habits. As part of a market research study, Raj surveys four potential customers. Three of the four indicate that they would buy a cold soft drink only if it was placed in a checkout line. Which statement about Raj's market research is TRUE?

2. The leadership team of a commercial airline is creating next year's budget. The actual cost of fuel is not known until it is actually purchased, but historical budgets demonstrate that jet fuel prices rise an average of 3-5% per year. When the team projects fuel expenses using today's price plus 5%, they are making use of a:

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About This Quiz & Worksheet

Discover what you know about the sampling process in business with this quiz and worksheet combination. Quiz questions focus on various real-life statistical analysis scenarios in business.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • Which statistical analysis tool allows businesses to assess normal fluctuations
  • A true statement about a market research example
  • The term for when a company projects future expenses based on historical budgets
  • Variety in a value that may lead to the belief that it is problematic
  • A conclusion based on internal research

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about statistical scenarios
  • Reading comprehension - ensure that you draw the most important information from the related sampling process lesson
  • Information recall - access the knowledge you've gained regarding best practices for market research

Additional Learning

Review the accompanying lesson called Sampling Process in Business: Components & Examples to learn more about this subject. This lesson will help you achieve the following goals:

  • Describe how to determine if results are actionable
  • Define the term confidence interval
  • Explain why degrees of freedom are an important statistical analysis tool
  • Recall an example in which point estimate may be used
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