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What parameter are you estimating in this case

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Question - Assume you are working in the marketing department of Walmart. The company wants to supply a new brand of clothing. To make an informative decision, your manager asked you to estimate the percentage of customers who would be interested in the new brand. How do you approach this task? What assumptions do you need to make and what data do you need to collect? If your manager does not know anything about statistics, how would you interpret your results for him / her?

1. What parameter are you estimating in this case? Name it.

2. How would you approach this task, what data are you going to collect?

3. What statistics means learned in this course are you going to use in collected data to find your estimation? Name it.

4. What assumptions are you going to make about your population to be able to use that statistical tool you selected in the above step? State them.

Assume you worked through the step 3 and you found an estimation ( for this step you can assume what estimation you found in step 3, just assume your finding on step 3). How would you use this finding to explain your manager what does it mean for the question he/she asked? Explain the answer to your manager.

Reference no: EM132762389

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