Question 1: For the following scatter plot, what would be your best estimate of the correlation coefficient?
Question 2: A major limitation of nonrandom samples is that they are not appropriate for most statistical methods. Critically review this statement with suitable examples and supportive references.
Question 3. Elaborated with examples and supportive references as to how can index numbers be helpful in understanding time-related data?
Question 4. Having a sample of 5,000 is not necessarily better than having a sample of 500. How would you react to this statement? Support your answer with suitable examples and supportive references.
Question 5. Discuss which statistical tests to apply for different types of data and how to interpret the results. Support your answer with suitable examples and supportive references.
Question 6: Which involves a more difficult decision making situation for a manger –applying the results of a qualitative study or a hypothesis testing study? Elaborate your answer with suitable examples and supportive references.
Question 7. Nonparametric statistical techniques are based on fewer assumptions about the population and the parameters compared to parametric statistical techniques. Discuss this statement with suitable examples and supportive references.