Assume permission and licensing requirements have been satisfied. Before relying on a third-party market study, which step addresses its analytical reliability?
Correct Answer
A) Assess whether its data and method are sound
Evaluate the study’s relevant population, dates, data accuracy, methods, assumptions and validation for the proposed use. Permission and licensing are stipulated and do not establish analytical quality. Credentials alone do not prove reliability, and complete independent duplication is not a universal requirement; sufficient understanding and support are needed for responsible reliance.
Why This Is the Correct Answer
Evaluate the study’s relevant population, dates, data accuracy, methods, assumptions and validation for the proposed use. Permission and licensing are stipulated and do not establish analytical quality. Credentials alone do not prove reliability, and complete independent duplication is not a universal requirement; sufficient understanding and support are needed for responsible reliance.
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Previous Question
The following sale prices are in ascending order: $300,000, $320,000, $340,000, $360,000, $380,000, $400,000, $420,000, $440,000, $460,000, $480,000, $500,000, $520,000. What is the 25th percentile by the nearest-rank method, which takes the lowest price at or below which at least 25% of the sales fall?
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Two numerical variables exhibit a strong Pearson correlation in the observed sample. What may be concluded from that fact alone?