Central Tendency Discussion Research
Reading for discussion 1
Measures of central tendency. (n.d.). Retrieved from https://statistics.laerd.com/statistical-guides/measures-central-tendency-mean-mode-median.php
Qualitative and quantitative marketing research [Video file]. (2016). Retrieved from https://www.youtube.com/watch?v=VUcrS_YI0q0 (11:39)
Papadakis, J., Rothschild, D., and Konitzer, T. (2018). The methodology that is overcoming some of market research’s biggest obstacles. Available at https://greenbookblog.org/2018/10/11/organic-sampling-methodology/
Wilmot, J. (2017). The ultimate guide to product sampling in e-commerce. Available at http://blog.bazaarvoice.com/2017/11/15/product-sampling-guide-ecommerce/
Fossett, J., Gilchrist, D. and Luca, M. (2018). Using experiments to launch new products. Available at https://hbr.org/2018/11/using-experiments-to-launch-new-products
Read Chapter 1: Gathering primary research data (pp. 1-49) in Clippinger, D. (2017). Business research reporting.
Discussion 1
- Explain the differences between random and stratified sampling.
- Review your case assignment and share with us whether random or stratified sampling would be best for your target group(s).
Cite your source(s) and respond to the response below.
- Random sampling is a sampling technique whereby each sample faces equal probability of being selected. A random sample is intended to be an unbiased representation of the overall population. It is one of the simplest ways to gather data from the total population (The Economic Times, n.d.). Stratified sampling differs in that researchers first break down a population into a subgroup, which are determined according to specific characteristics such as race, gender, age, location, etc. Each of these subgroups are then sampled using another probability sampling method, such as cluster or simple random sampling. This allows researchers to attain statistical information for different sub-populations (Thomas, 2020).
- According to Thomas (2020), stratified sampling is best “when a population’s characteristics are diverse and they want to ensure that every characteristic is properly represented in the sample.” I believe that stratified sampling would be ideal for my target groups, as we are looking at better understanding specific minority groups (African Americans, Hispanic Americans, Asian Americans, and Native Americans) and those that stopped their education at the high school level. Random sampling simply wouldn’t return the information needed to answer the CEO’s questions about these specific groups.
References:
The Economic Times. (n.d.). Definition of ‘Random Sampling’. Retrieved from https://economictimes.indiatimes.com/definition/random-sampling
Thomas, L. (2020, October 12). How to Use Stratified Sampling. Retrieved from https://www.scribbr.com/methodology/stratified-sampling/
Reading for discussion 2
- Barjaktarovic, L., Djulic, K., Pindzo, R., & Vjetrov, A. (2016). Analysis of the Capital Budgeting Practices: Serbian Case. Management (1820-0222), (79), 47-52. doi:10.7595/management.fon.2016.0009.
- Gupta, D., & Pradhan, B. B. (2017). Capital Budgeting Decisions in India: Manufacturing Sector Versus Non-Manufacturing Sector. IUP Journal Of Applied Finance, 23(1), 69-93.
VIDEOS:
- Bell T (2013), Relevant Costs for Decision Making – Sunk and Differential Costs [Video File]. Retrieved from https://www.youtube.com/watch?v=-IhNuUIGce4&spfreload=10(8:01)
- Academy of Financial Training (2014), Capital Budgeting – Net Present Value (NPV) and Internal Rate of Return (IRR) [Video File]. Retrieved from: https://www.youtube.com/watch?v=_sP0oAeO2oM&spfreload=10 (13:20)
- Oneclass (2013).How to calculate Annuity, Present Value, Future Value [Video File]. Retrieved from: https://www.youtube.com/watch?v=Vs3loeKFbAo (4:35)
- Edspira (2013), IRR (Internal Rate of Return) [Video File]. Retrieved from: https://www.youtube.com/watch?v=OSDDrZZaV8E&spfreload=10 (7:22)
Discussion 2
The “time value of money” refers to the fact that a dollar received today is more valuable than a dollar received in the future simply because a dollar received today can be invested to yield more than a dollar in the future.
- Discuss what is meant by the term discounting.
- What are constraints? Give an example.
- Capital investment decisions are often incremental, involving cash flows over multiple periods. Therefore, procedures must be in place to check the progress of projects. One such procedure is the Milestone approach. Explain how this approach works and why the approach can sometimes be ineffective.
- Explain how to calculate the future value of a stream of cash flows and how to calculate the present value of a stream of cash flows.