Define and Describe Nomothetic and Idiographic Explanation

question 25

Essay

Define and describe nomothetic and idiographic explanation. What are the strengths and weaknesses of each

Recognize threats to statistical conclusion validity including range restriction and understand how these threats affect the validity of research conclusions.

Identify and explain different aspects of construct validity, including construct underrepresentation and mono-operation bias.

Learn strategies to minimize biases in research studies, such as mono-method bias.

Understand the principles of internal validity and its importance in inferring causal relationships from research data.

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Definitions:

Contribution Margin

The selling price per unit minus the variable cost per unit, used to determine how sales affect net income.

Sales Projections

Estimates of the future sales revenue of a company, which are often based on historical sales data, market trends, and other relevant factors.

NPV

Net Present Value, a calculation used to determine the value of an investment by discounting future cash flows to their present value.

Payback Analysis

A financial analysis method used to determine the time required to recoup the cost of an investment or project.