"Determine whether the data set is a population or a sample. E...

Question

"Determine whether the data set is a population or a sample. Explain your reasoning.

The salary of each employee of an advertising firm"

Accepted Answer

Hello there. Today we're gonna solve the following practice problem together. So, first off, let us read the problem and highlight all the key pieces of information that we need to use in order to solve this problem. Determine whether the following data set is a population or a sample. Explain your reasoning. The annual revenue of each store in a national retail chain. Awesome. So it appears for this particular problem, we're asked to take this statement, the annual revenue of each store in a national retail chain, and we're asked to determine whether or not this data set is considered a population or a sample, and we're asked to explain our reasoning. So with that in mind, let's read off our multiple choice answers to see what our final answer might be. A is sample because it includes only a proportion of the stores in the chain. B is population because it includes the annual revenue of every store in the chain. C is both of these because the population and sample are used interchangeably. And D is none of these because there is not enough information to decide. Awesome. So, firstly, in order to solve this problem, we need to assess if the data set includes all members of the group of interest. Our second step is we need to note that the data set contains the annual revenue for every store in the chain. So let's underline that because this is very important. It includes the annual revenue. So that means for a 3rd step, Once again, noting that our second step, we note that the data set contains the annual revenue for every store in the chain. That's another key phrase for each store in the national retail chain. So that means for a third step, therefore, as a result, the data set is a population because it includes all elements of the group being studied. And with that in mind, our final answer without a doubt will have to be multiple choice answer letter B, which once again is population because it includes the annual revenue of every store in the chain. And that's it. That is our final answer. Thank you so much for watching. Hopefully that helped, and I can't wait to see you in the next video. Bye.

"Determine whether the data set is a population or a sample. Explain your reasoning.
The salary of each employee of an advertising firm"

Key Concepts

Population

Sample

Data Collection Context

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