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Chapter 1: Q4. (page 49)
List and define the five elements of an inferential statistical analysis.
The five elements of an inferential statistical analysis are the population size, number of variables, sample set, satistical inference about the population, and the measure of reliability.
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The economic return to earning an MBA. What are the economic rewards (e.g., higher salary) to obtaining an MBA degree? This was the question of interest in an article published in the International Economic Review (August 2008). The researchers made inferences based on wage data collected for a sample of 3,244 individuals who sat for the Graduate Management Admissions Test (GMAT). (The GMAT exam is required for entrance into most MBA programs.) The following sampling scheme was employed. All those who took the GMAT exam in any of four selected time periods were mailed a questionnaire. Those who responded to the questionnaire were then sent three follow-up surveys (one survey every 3 months). The final sample of 3,244 represents only those individuals who responded to all four surveys. (For example, about 5,600 took the GMAT in one time period; of these, only about 800 responded to all four surveys.)
A. For this study, describe the population of interest.
b. What method was used to collect the sample data?
c. Do you think the final sample is representative of the population? Why or why not? Comment on potential biases in the sample.
Explain the difference between descriptive and inferential statistics.
What is a representative sample? What is its value?
List the three major methods of collecting data and explain their differences.
Guilt in decision making. The effect of guilt emotion on how a decision maker focuses on the problem was investigated in the Journal of Behavioral Decision Making (January 2007). A total of 171 volunteer students participated in the experiment, where each was randomly assigned to one of three emotional states (guilt, anger, or neutral) through a reading/writing task. Immediately after the task, the students were presented with a decision problem (e.g., whether or not to spend money on repairing a very old car). The researchers found that a higher proportion of students in the guilty-state group chose to repair the car than those in the neutral-state and anger-state groups.
a. Identify the population, sample, and variables measured for this study.
b. Identify the data-collection method used.
c. What inference was made by the researcher?
d. In later chapters you will learn that the reliability of an inference is related to the size of the sample used. In addition to sample size, what factors might affect the reliability of the inference drawn in this study?
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