Before you came to the company, it had conducted some market research on how popular its current product line was. Although the target market for the firm's product is huge, the sample size that was chosen for this research was 1,100 adults. The results of the research are the following:
Sample size: 20
Likely potential target market: 4 million
Satisfaction scores ranged from 1 (very dissatisfied) to 5 (very satisfied)
Average satisfaction score: 4.5
Standard deviation of the sample scores is unknown
Now that you are with the company, the CEO has asked you to evaluate this research, and in a PowerPoint presentation, address the following problems:
Can you reach valid conclusions with a sample size of only 20 when the population or target market may be millions of adults? Why?
What would the confidence interval be for the samples that had an average favorability score of 4.5, with a standard deviation of 0.3, if you wish to have a 90% confidence level in that conclusion?
The CEO asked you for a 1-sentence summary of the stated research result that the average satisfaction score was 4.5.
How would you cite the results, keeping in mind your answer to problem 2?
Create 10 to 12 PowerPoint slides