A financial institution is interested in offering a Christma

A financial institution is interested in offering a Christmas Club service to its’ customers. The Christmas Club is a saving scheme. The financial institution is therefore interested in determining customers’ interest in joining the scheme, if implemented, and the average amount of money that customers can deposit each month towards the Christmas Club. The manager of the financial institution is also interested in determining the relationship between customers’ gender, age, academic qualification, monthly income and their interest in joining the Christmas Club. The manager asked you to take the lead on this project. Therefore, you are required to: Identify a suitable method of gathering data for this investigation. Justify your choice. Design an instrument, with at least 5 questions, that can be used to gather data for this investigation. Identify the type of data (quantitative/qualitative, discrete/continuous) that will be gathered from each of the questions on your proposed instrument. Identify the population for this investigation. Describe, explicitly, how you would select a sample for this investigation. Identify any flaws in your sampling technique. The manager informed you that the mean savings for all customers of the financial institution is US$532,965.65. Is this value a parameter or a statistics? Justify your answer.

Solution

Describe, explicitly, how you would select a sample for this investigation

I will select a sample with an analysis of sample, how many people do I need to interview for this example can be representative to do inferences and with that using the sample to make a decision

The manager informed you that the mean savings for all customers of the financial institution is US$532,965.65. Is this value a parameter or a statistics?

As the mean is for all customers of the financial institution that would be the population that you are interesting so this is a parameter because parameter are from population while statistics are from samples