The importance of business planning is widely documented; however, guidance as to what constitutes good business planning is less clearly defined. While the business-planning process is a very worthwhile pursuit, most business plans are produced for a specific purpose, e.g., selling a product (Canneto, 2017, p. 1).
A good plan conveys information that is developed for a specific audience, e.g., lenders. In practice, a sample is drawn from the target population, and sample statistics (e.g., the sample mean or sample proportion) are used to generate estimates of the unknown parameter. The sample should be representative of the population, ideally with participants selected at random from the population. Because different samples can produce different results, it is necessary to quantify the sampling error or variation that exists among estimates from different samples (Bajaj, 2018, p.3).
Based on your understanding of sampling distributions and estimation, describe how Cambridge College can roll out the mobile application discussed in Module 3 Discussion 5 (Research Design—Building the Perfect Mobile Application).
Bajaj, R. (2018, January). Sampling, CLT & Inferential Statistics.
Canneto, V. (2017, September 25). Business Planning.