The four dimensions of statistical thinking, according to Wild & Pfannkuch are an investigative cycle, styles of thinking, an interrogative cycle, and dispositions. The four dimensions are simultaneously active within the thinker and incorporate both general and specific statistical thinking tendencies. Describe the four statistical reasoning/thinking dimensions that are used in statistical investigation.
* Give and describe a concrete example of how the four-step method was applied in a managerial decision-making process. Please apply the four dimensions of statistical reasoning from Wild and Pfankuch .
* Why is having a representative sample rather than a random sample not more crucial for drawing accurate conclusions about a diverse population?
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Check the price at other stores and check the price before adding profit
Answer:
1.)
Selling price - Relevant
Direct materials cost - Relevant
Direct labor cost - Relevant
Variable manufacturing overhead - Relevant
Fixed manufacturing overhead - Not relevant
Regular selling expenses - Not relevant
Additional selling expenses - Relevant
Administrative expenses - Not relevant
2.) Helix should accept the deal, with a net operating income of $2,000
Explanation:
Explanation to Question 2 can be found in the attached picture
<u>Full question:</u>
Culture is a component of what type of environmental force that must be scanned to assess its impact on the organization's marketing environment?
A) economic
B) competitive
C) social
D) regulatory
E) technological
<u>Answer:</u>
social environmental force that must be scanned to assess its impact on the organization's marketing environment
<u>Explanation:</u>
The social environment of a firm consists of all that society thinks, its rules, its works and it’s the process it performs. Prosperous marketing depends slightly on the strength of a company to accomplish its marketing arrangements within its social environment.
Social environmental forces are those forces that include attitudes and shared expectations of the population. Businesses also have their social environmental factors. This is also recognized as internal social environments. When purchasers endure a variety in their practice or standards, they exhibit various requirements and purchase distinct products.
A. A lower lifetime income potential
The other answers are all benefits of picking a trade program over a 4 year degree. This one is a "cost" because of the potential opportunity cost of choosing a different degree that could make more money over time.
