Could a stratified sample be used? If so, how?
Yes, a stratified random sampling technique could also be used as the specific companies that comprise the population could be stratified or layered by their specific criteria. The most common one used is revenues, yet spending on capital equipment, or the number of production plants could also be used to stratify the sample. Of these, financial measures are the most basis of stratification in research populations.
A d) Could a cluster sample be used? If so, how?
Yes, clustering based on the specific types of production processes shared across each manufacturing segment could be used, as could the use of specific types of steel. This second attribute specifically could be used for defining the various grades of the new power press being manufactured. Clustering could also be done by the percentage of customers each company has in specific sub-segments of the markets they serve, or by the use of distribution channels. Clustering as a sampling technique is often used when a population has a unique set of attributes that need to be captured as part of the research methodology.
A e) Which sampling technique would you recommend? Why?
Of all techniques, a stratified random sample based on revenues is the best approach as there will be major differences in the approaches these companies take in funding a new power press. There will be differences in the approaches each of these stratified samples have in terms of how they also track and report Return on Invested Capital (ROIC), and their approaches to managing the financial evaluation process for new equipment.
A f) Identify two possible nonsampling research errors that might occur in the...
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