Question

4. The annual physical count of stock in inventory for a retail store: a. Classify as either a census or a sample and explain your answer. b. What is the data collecting method? c. What is the population from which the sample was selected? d. What is the variable of interest? e. What is the type of this variable?

Answer 1

a) If data is collect on all the retail stores then it is called census.

If data collect from some retail stores out of all the retail stores then it is a sample .

b) We can select some retail stores randomly (for example using simple random sampling or systematic sampling) or we can used convenient sampling for collection of the data on that retail stores.

c) All the retail stores on which we want to collect information is called the population.

d)  "annual physical count of stock in inventory" is the variable of interest.

e) This is the type of ratio scale