Statistics for Business Decisions

Three groups of researchers would like:-As it is known that there are various methods of data collection and data sampling which can be used according the data and nature of research done

Method of Data Collection (Ainsworth, 2020), Top six methods, how the data can be collected are

  • Questionnaire and Surveys
  • Interviews
  • Observation
  • Focus group
  • Historical data
  • Documents and records

And these further can be divided as qualitative and quantitative techniques

As stated (McCombes., 2020), there are 2 kinds of sampling methods:

  • Probability sampling involves random choice, enabling you to make statistical inferences about the entire team.
  • Non-probability sampling involves non-random choice based on convenience or maybe various other requirements, allowing you to very easily gather original data.

Above information can help to identify data collection method and sampling method in different scenarios as follow:-

a) Analyse the voting intention of Australian voters for upcoming election

Data collection Method:- As this is kind of mass opinion and audience is huge, so method of data collection which will be ideal in this case is “Questionnaire” and will be close end answers.

Sampling:- For this type of opinion poll research, Random sampling method should be used because the population size is very large and it will be very lengthy and costly process to cover the whole population to get a similar kind of conclusion

b) Investigation of reasons for not Big 4 banks passing on the full interest cuts introduced by reserve bank of Australia to its borrowers: .

Data collection:- Interview should be conducted to get the data and information for this investigation to talk to any financial and banking expert to understand and find out the possible reason

Sampling:-The method of Convenience sampling is option which should be adopted, as it requires specific experts in the field.

c) Understand the demographic profile of the community living in Hume city council, Melbourne:

Method of Data collection: Survey is the best method to collect the community data for a particular demography. As it requires the detail data to come to a conclusion.

Sampling Method: Stratified sampling should be used that involves grouping of data into subgroups having similar features of characteristics, making it possible to conclude their demographic profile.

d) Examine opinions from adults on legalising marijuana use in Australia:

Data collection Method: Focus Group is the right approach of data collection for a particular group here it is adults, to know their views on legalising the marijuana in Australia. Here, multiple methods can also be used to combine the result and conclude e.g. surveys, interview etc.

Sampling Method: Random sampling should be choice of sampling method in this case to find out the opinion of different groups.

e) Estimate the average age of children in city of Melbourne:

Data Collection: Documents and Records, should be collected to estimate average age of children, e.g. the census report or govt. records etc. can be used for this

Sampling Method: Stratified sampling should be used which involves separating the required data of children out of available whole lot of data containing various information.

References for Data Collection Methods

Ainsworth, Q., 2020. Data Collection Methods. [Online]
Available at: https://www.jotform.com/data-collection-methods/
[Accessed September 2020].

McCombes., S., 2020. sampling-methods. [Online]
Available at: https://www.scribbr.com/methodology/sampling-methods/
[Accessed 2020].

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Statistics Assignment Help

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