COMPANY ANALYSIS 4
UsingSampling Estimation to Roll Out the XXX College App
Abusiness plan is a formal general outline of a company’s businessgoals, the means or methodology to achieve them, the prospectivemarket for its product and the resources that will be required toaccomplish these aims.It also outlines background information about the business and thereasons why the firm believes those goals are achievable thestrengths and weaknesses and also a time-frame. Business planninginvolves analyzing these factors and using them to make sure that thedesired results areachieved.X College intends to launch its new XXX Collie mobile App.The write-up is a discussion of the way this college is going to rollout this App considering its target population using statisticalmethods such as sampling and estimation (Alyahya& Rowe, 2016).
Assumingthat the target audience is prospective investors, lenders,and sponsors who intend to support the development of the App in thecollege, marketing and also launching it in other colleges in theneighborhood. The target market is students in the college as apriorityandlater those in other colleges.
Let’stake the student population in X College to be anaveragepopulationN.Several random samples will be taken from populationto find out the estimatednumber of students interested in the App, the sample size being n.The mean (µ) of every sample iscalculatedand their distribution, known as the sampling distribution, iscalculated:
Becausethe sample is just a representation of the population, it could notgive an accurate statistics.Thus,a standard error must be incurred (σX═σ/√n).A standard error is adifferencebetween a sample statistic used to estimate a population parameterand the actual but unknown population parameter (Burns and Grove,2009). It must be considered in the calculations by the college toobtain a more accurate size of the targetmarket for the App and clearly defined it the business plan.
Alyahya,K., & Rowe, J. E. (2016, September). Simple Random SamplingEstimation of the Number of Local Optima. In InternationalConference on Parallel Problem Solving from Nature (pp.932-941). Springer International Publishing.