You have received a business research study done by a consultant for a life insurance company. The study is a survey of customer satisfaction based on a sample of 600. You are asked to comment on its quality. What do you look for?
You look for the precision of estimators, and evaluate the survey based on whether the precision meets your needs. If the precision is not adequate, you typically increase the sample size to achieve greater precision. Below is a general discussion of this, followed by an example.
In a survey of customer satisfaction, the goal is to use the sample (the survey) to estimate the customer satisfaction of the population from which the sample was selected. When we use a sample to estimate a population parameter, there is usually error in the estimate (We do not expect the estimator to always be exactly equal to the ...
This solution is a 421 word discussion about the quality of a customer satisfaction survey. The discussion and example provided focuses on the precision with which the survey measures a parameter of the population.