Instruction 8-14 After an Extensive Advertising Campaign, the Manager of a Company

question 46

True/False

Instruction 8-14
After an extensive advertising campaign, the manager of a company wants to estimate the proportion of potential customers that recognise a new product. She samples 120 potential consumers and finds that 54 recognise this product. She uses this sample information to obtain a 95% confidence interval that goes from 0.36 to 0.54.
-Referring to Instruction 8-14,the parameter of interest to the manager is the proportion of potential customers in this sample that recognise the new product.

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Definitions:

Inferential Statistics

A field within statistics that employs a random sample from a larger population to describe and draw conclusions about that population.

Descriptive Statistics

Statistics that describe and summarize the data for a sample.

Descriptive Statistics

Statistical methods that summarize and describe the features of a dataset through metrics such as mean, median, mode, and standard deviation, without drawing conclusions about the population from which the sample was drawn.

Inferential Statistics

Statistical methods that allow researchers to make predictions or inferences about a population based on a sample.