What is data What is sampling Explain the importance of samp

What is data? What is sampling? Explain the importance of sampling from a managerial perspective. Provide examples

Solution

Sol)

DATA:

Data is a collection of facts, such as numbers, words, measurements, observations or even just descriptions of things

Data is classified into 2 types

1) Qualitative Data: Which we can not measure(Ex: Beauty, Honsty)

2) Quantitative Data: Which we can measure numerically(Ex: Temperature, Income)

SAMPLING:

sampling is concerned with the selection of a subset of individuals from within a statistical population to estimate characteristics of the whole population.

Example:

1) When we go to the rice depot, we want to buy some rice. Before buying the rice we check quality of rice. To check the quality of the rice we take handfull of rice and check therice. That means we are not checking the entire bag of rice. Here we are inspecting sample of rice. SO this an example for the Sampling

2)When political polltakers need to predict the outcome of an upcoming election, they may use random sampling to figure out which politician a population favors most. Asking every member of a population would be very time consuming, so polltakers will use random sampling to randomly select subjects within that population to create a sample group and use the responses those subjects give them to predict who that population of people as a whole will select on voting day.

Importance of sampling from a managerial perspective:

!) Sampling is veruy useefull in the mangement. Suppose Some XYZcompany they would like to launch new product in to the market. So before launching that product first the company has to do some survey on the particular product. There we use sampling techniques.

2)Market research involves the collection of data to obtain insight and knowledge into the needs and wantsof customers and the structure and dynamics of a market. In nearly all cases, it would be very costly and time-consuming to collect data from the entire population of a market. Accordingly, in market research, extensive use is made of sampling from which, through careful design and analysis, Marketers can draw information about the market.