The HR Department of a Large Company Wants to Determine

question 15

Multiple Choice

The HR department of a large company wants to determine how often to bring representatives from the financial firm managing employee pensions on site to meet with
Individuals about their retirement plans. In order to determine level of interest, they
Decide to survey employees. Suppose they select one department (e.g., Sales) and survey
All employees within that department. This sampling plan is called

• A) Simple Random Sampling
• B) Stratified Sampling
• C) Cluster Sampling
• D) Systematic Sampling
• E) Convenience Sampling

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Definitions:

Optimal Alternative

The best possible choice among various options under consideration, often based on specific criteria or outcomes.

Expected Opportunity Loss

A statistical concept that calculates the expected amount of loss for not choosing the best alternative.

Gross Profits

The financial gain obtained after subtracting the cost of goods sold from total revenue, indicating the efficiency of a company’s production process.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.