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Problem 1.32

Results of a 2017 Computer Services, Inc. (CSI) survey of a sample of 163 bank executives

reveal insights on banking priorities among financial institutions (goo.gl/mniYMM). As financial institutions begin planning for a new year, of utmost importance is boosting profitability and identifying growth areas. The results show that 55% of bank institutions note customer experience initiatives as an area in which spending is expected to increase. Implementing a customer relationship management (CRM) solution was ranked as the top most important omnichannel strategy to pursue with 41% of institutions citing digital banking enhancements as the greatest anticipated strategy to enhance the customer experience.

Identify potential concerns with:

a) Coverage error

b) Nonresponse error

c) Sampling error

d) measurement error.

7. Problem 1.47

Results of a 2017 Computer Services Inc (CSI) survey of a sample of 163 bank executives reveal insights on banking priorities among financial institutions. As financial institutions begin planning for a new year, of utmost importance ois boosting profitability and identity growth areas.

The results show that 55% of bank institutions note customer experience initiatives as an area in which spending is expected to increase. Implementing a customer relationship management (CRM) solution was ranked as the top most important omnichannel strategy to pursue with 41% of institutions citing digital banking enhancements as the greatest anticipated strategy to enhance the customer experience.

a) Describe the population of interest.

b) Describe the sample that was collected.

c) Describe a parameter of interest

d) Describe the statistic used to estimate the parameter in c).

8. Problem 1.45

What is the difference between sampling error and measurement error?

Top Answer

1.32 a) Coverage error is a type of bias that when the target population doesn't match the population being sampled. ~ I... View the full answer

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