ANALYTICAL TOOLS IN BUSINESS

MASTER OF BUSINESS ADMINISTRATION

5 YEAR INTEGRATED PROGRAMME (MBA 5YEAR)
(ACADEMIC SESSION 2015-2020)

SUBMITTED TO:
DEPARTMENT OF MANAGEMENT STUDIES
SUBMITTED BY:
Ritesh
MBI 4TH SEM
15001432070

DEPARTMENT OF MANAGEMENT STUDIES

DEENBANDHU CHHOTU RAM UNIVERSITY OF SCIENCE AND
TECHNOLOGY MURTHAL (SONIPAT), HARYANA-131039
 Acknowledgement

I have taken efforts in this project. However, it would not have been possible
without the kind support and help of many individuals and my University. I would
like to extend my sincere thanks to all of them.
I am highly indebted to DEENBANDHU CHOTU RAM UNIVERSITY OF
SCIENCE AND TECHNOLOGY, MURTHAL for their guidance and constant
supervision as well as for providing necessary information regarding the project &
also for their support in completing the project.
I am extremely thankful and pay my gratitude to my faculty Dr. Anand
Chauhan for her/his valuable guidance and support on completion of this project in
its presently. I extend my gratitude to Deenbandhu chhotu ram University of
science and technology for giving me this opportunity. I also acknowledge with a
deep sense of reverence, my gratitude towards my parents and member of my
family, who has always supported me morally as well as economically. At last but
not least gratitude goes to all of my friends who directly or indirectly helped me to
complete this project report. Any omission in this brief acknowledgement does not
mean lack of gratitude.
Thanking You
Ritesh
 Table of content
Part 1 Page No.
Introduction- Data and Types
Level of measurement

Population and sample

Descriptive and inferential statistics

Parameters
Parametric and Non- Parametric Test
Variable
SPSS Tests

Part 2

Reliability Analysis

Data Analysis

Linear Regression

Output
PART I

Data

Data is a set of values of qualitative or quantitative variables; restated, pieces of data are
individual pieces of information. Data is measured, collected and reported, and analyzed,
whereupon it can be visualized using graphs or images. Data is collected and analyzed to create
information suitable for making decisions,

TYPES OF DATA AND DATA SOURCES

Statistical data are the basic raw material of statistics. Data may relate to an activity of our
interest, a phenomenon, or a problem situation under study. They derive as a result of the process
of measuring, counting and/or observing. Statistical data, therefore, refer to those aspects of a
problem situation that can be measured, quantified, counted, or classified. Any object subject
phenomenon, or activity that generates data through this process is termed as a variable. In other
words, a variable is one that shows a degree of variability when successive measurements are
recorded. In statistics, data are classified into two broad categories: quantitative data and
qualitative data. This classification is based on the kind of characteristics that are measured.

Types of DATA

1. Qualitative Data
2. Quantitative Data

Quantitative data

Quantitative data are those that can be quantified in definite units of measurement. These refer to
characteristics whose successive measurements yield quantifiable observations. Depending on the
nature of the variable observed for measurement, quantitative data can be further categorized as
continuous and discrete data. Obviously, a variable may be a continuous variable or a discrete
variable.

1. Continuous data represent the numerical values of a continuous variable. A continuous

variable is the one that can assume any value between any two points on a line segment,
thus representing an interval of values. The values are quite precise and close to each
other, yet distinguishably different. All characteristics such as weight, length, height,
thickness, velocity, temperature, tensile strength, etc., represent continuous variables.
 Thus, the data recorded on these and similar other characteristics are called continuous
data. It may be noted that a continuous variable assumes the finest unit of measurement.
Finest in the sense that it enables measurements to the maximum degree of precision.
2. Discrete data are the values assumed by a discrete variable. A discrete variable is the one
whose outcomes are measured in fixed numbers. Such data are essentially count data.
These are derived from a process of counting, such as the number of items possessing or
not possessing a certain characteristic. The number of customers visiting a departmental
store every day, the incoming flights at an airport, and the defective items in a
consignment received for sale, are all examples of discrete data.
Qualitative data

Qualitative data refer to qualitative characteristics of a subject or an object. A characteristic is

qualitative in nature when its observations are defined and noted in terms of the presence or
absence of a certain attribute in discrete numbers. These data are further classified as nominal and
rank data.

1) Nominal data are the outcome of classification into two or more categories of items or
units comprising a sample or a population according to some quality characteristic.
Classification of students according to sex (as males and females), of workers according to
skill (as skilled, semi-skilled, and unskilled) and of employees according to the level of
education (as matriculates, undergraduates, and post-graduates) all result into nominal
data. Given any such basis of classification, it is always possible to assign each item to a
particular class and make a summation of items belonging to each class. The count data so
obtained are called nominal data.
2) Rank data, on the other hand, are the result of assigning ranks to specify order in terms of
the integers 1,2,3, ..., n. Ranks may be assigned according to the level of performance in a
test. a contest, a competition, an interview, or a show. The candidates appearing in an
interview, for example, may be assigned ranks in integers ranging from I to n, depending
on their performance in the interview. Ranks so assigned can be viewed as the continuous
values of a variable involving performance as the quality characteristic.
I. Data sources could be seen as of two types, viz., secondary and primary. The two can be
defined as under:
 1) Secondary data: They already exist in some form: published or unpublished - in an
identifiable secondary source. They are, generally, available from published source(s),
though not necessarily in the form actually required.
2) Primary data: Those data which do not already exist in any form, and thus have to be
collected for the first time from the primary source(s). By their very nature, these data
require fresh and first-time collection covering the whole population or a sample drawn
from it.

Level Of Measurement

The measurements obtained on interval and ratio scale are also known as high level
measurements.

1) Nominal scale: This scale uses numbers or other symbols to identify the groups or classes
to which various objects belong. These numbers or symbols constitute a nominal or
classifying scale. For example, classification of individuals on the basis of sex (male,
female) or on the basis of level of education (matric, senior secondary, graduate, post
graduate), etc. This scale is the weakest of all the measurements.
2) Ordinal scale: This scale uses numbers to represent some kind of ordering or ranking of
objects. However, the differences of numbers, used for ranking, don’t have any meaning.
For example, the top 4 students of class can be ranked as 1, 2, 3, 4, according to their
marks in an examination.
3) Interval scale: This scale also uses numbers such that these can be ordered and their
differences have a meaningful interpretation.
4) Ratio scale: A scale possessing all the properties of an interval scale along with a true zero
point is called a ratio scale. It may be pointed out that a zero point in an interval scale is
arbitrary.

For example, freezing point of water is defined at 0° Celsius or 32° Fahrenheit, implying thereby
that the zero on either scale is arbitrary and doesn’t represent total absence of heat. In contrast to
this, the measurement of distance, say in metres, is done on a ratio scale. The term ratio is used
here because ratio comparisons are meaningful. For example, 100 kms of distance is four times
larger than a distance of 25 kms while 100°F may not mean that it is twice as hot as 50°F. It
should be noted here that a test that can be performed on high level measurements can always be
performed on ordinal or nominal measurements but not vice-versa. However, if along with the
high level measurements the conditions of a parametric test are also met, the parametric test
should invariably be used because this test is most powerful in the given circumstances. From the
above, we conclude that a non-parametric test should be used when either the conditions about the
parent population are not met or the level of measurements is inadequate for a parametric test.

3)

Basic Concepts of Aalysis

population

A population is any complete group with at least one characteristic in common. Populations are
not just people. Populations may consist of, but are not limited to, people, animals, businesses,
buildings, motor vehicles, farms, objects or events.

Sample
In statistics and quantitative research methodology, a data sample is a set of data collected and/or
selected from a statistical population by a defined procedure. Typically, the population is very
large, making a census or a complete enumeration of all the values in the population impractical
or impossible
.
Sampling Units & Sample

The surveys are concerned with the attributes of certain entities, such as business enterprises,
human beings, etc. The attributes that are the object of the study are known as characteristics and
the units possessing them are called the elementary units. The aggregate of elementary units to
which the conclusions of the study apply is termed as population/universe, and the units that form
the basis of the sampling process are called sampling units. The sampling unit may be an
elementary unit. The sample is defined as an aggregate of sampling units actually chosen in
obtaining a representative subset from which inferences about the population are drawn. The
frame— a list or directory, defines all the sampling units in the universe to be covered. This frame
is either constructed for the purpose of a particular survey or may consist of previously available
description of the population; the latter is the commonly used method. For example, telephone
directory can be used as a frame for conducting opinion surveys in a city or locality.
 II. Determination of sample size

We prefer samples to complete enumeration because of convenience and reduced cost of data
collection. However, in sampling, there is a likelihood of missing some useful information about
the population. For a high level of precision, we need to take a larger sample. How large should be
the sample and what should be the level of precision? In specifying a sample size, care should be
taken such that

(i) neither so few are selected so as to render the risk of sampling error intolerably large, nor
(ii) too many units are included, which would raise the cost of the study to make it
inefficient. It is, therefore, necessary to make a trade-off between
(iii) increasing sample size, which would reduce the sampling error but increase the cost, and
(iv) decreasing the sample size, which might increase the sampling error while decreasing the
cost.
Therefore, one has to make a compromise between obtaining data with greater precision
and with that of lower cost of data collection.

Descriptive and Inferential Statistic

Descriptive Statistics:- Descriptive statistics provide a concise summary of data. You can
summarize data numerically or graphically. For example, the manager of a fast food restaurant
tracks the wait times for customers during the lunch hour for a week and summarizes the data.

Inferential Statistics:- Inferential Statistics use a random sample of data taken from a
population to describe and make inference about the population. Inferential Statistics are valuable
when it is not convenient or possible to examine each member of an entire population.

Parametric Test and Non-Parametric Test

Parametric Test - The parametric test is the hypothesis test which provides generalisations for
making statements about the mean of the parent population. A t-test based on Student’s t-statistic,
which is often used in this regard. The t-statistic rests on the underlying assumption that there is
the normal distribution of variable and the mean in known or assumed to be known. The
population variance is calculated for the sample. It is assumed that the variables of interest, in the
population are measured on an interval scale.

Non-Parametric Test - The nonparametric test is defined as the hypothesis test which is not
based on underlying assumptions, i.e. it does not require population’s distribution to be denoted
by specific parameters. The test is mainly based on differences in medians. Hence, it is alternately
known as the distribution-free test. The test assumes that the variables are measured on a nominal
or ordinal level. It is used when the independent variables are non-metric.

BASIS FOR PARAMETRIC TEST NONPARAMETRIC TEST

COMPARISON
Meaning A statistical test, in which
specific assumptions are made
about the population
parameter is known as
parametric test.
A statistical test used in the
case of non-metric
independent variables, is
called non-parametric test.

Basis of test statistic Distribution Arbitrary

Measurement level Interval or ratio Nominal or ordinal

Measure of central tendency Mean Median

Information about population Completely known Unavailable

Applicability Variables Variables and Attributes

Correlation test Pearson Spearman

Non-Parametric Tests

Introduction In contrast to parametric tests, non-parametric tests does not require any assumptions
about the parameters or about the nature of population. It is because of this that these methods are
sometimes referred to as the distribution free methods. Most of these methods, however, are based
upon the weaker assumptions that observations are independent and that the variable under study
is continuous with approximately symmetrical distribution. In addition to this, these methods do
not require measurements as strong as that required by parametric methods. Most of the non-
parametric tests are applicable to data measured in an ordinal or nominal scale. As opposed to this,
the parametric tests are based on data measured at least in an interval scale.

Advantage

The non-parametric tests have gained popularity in recent years because of their usefulness in
certain circumstances. Some advantages of non-parametric tests are mentioned below:

1) Non-parametric tests require less restrictive assumptions vis-à-vis a comparable parametric

test.
2) These tests often require very few arithmetic computations.
3) There is no alternative to using a non-parametric test if the data are available in ordinal or
nominal scale.
4) None of the parametric tests can handle data made up of samples from several populations
without making unrealistic assumptions. However, there are suitable nonparametric tests
available to handle such data.

Disadvantages

1) It is often said that non-parametric tests are less efficient than the parametric tests because
they tend to ignore a greater part of the information contained in the sample. In spite of
this, it is argued that although the non-parametric tests are less efficient, a researcher using
them has more confidence in using his methodology than he does if he must adhere to the
unsubstantially assumptions inherent in parametric tests.
2) The non-parametric tests and their accompanying tables of significant values are widely
scattered in various publications. As a result of this, the choice of most suitable method, in
a given situation, may become a difficult task.

Tests in spss :

Parametric Test

ANOVA
 A Statistical method used to test difference between two or more means. An annova test is a way
to find out if surveys of experiment result are significant. Annova test defines variation i.e.,
difference between the variables. Annova test extends the ‘T’ and ‘Z’ test. When data is normal
then annova test is applied.

Types:-

One-Way Anova- A one way ANOVA is used to compare two means from two independent
(unrelated) groups using the F-distribution.

Two –Way Anova- A two way ANOVA when you have one measurement variable (i.e.
a quantitative variable and two nominal variables.

Chi-Square Test

Chi square statistic is a measurement of how expectations compare to results. The data used in
calculating a chi square statistic must be random, raw, mutually exclusive , drawn from
independent variables and drawn from a large enough sample. For example, the results of tossing
a coin 100 times meets these criteria.

Factor analysis

Factor analysis is a method for explaining the structure of data by explaining the
correlations between variables. Factor analysis summarizes data into a few dimensions by
condensing a large number of variables into a smaller set of latent variables or factors. It is
commonly used in the social sciences, market research, and other industries that use large
data sets.
Consider a credit card company that creates a survey to assess customer satisfaction. The
survey is designed to answer questions in three categories: timeliness of service, accuracy
of the service, and courteousness of phone operators. The company can use factor analysis
to ensure that the survey items address these three areas before sending the survey to a
large number of customers. If the survey does not adequately measure the three factors,
then the company should reevaluate the questions and retest the survey before sending it
to customers.

There are two types of factor analysis:-

1. Exploratory factor analysis

2. Confirmatory factor analysis
Exploratory factor analysis is used to measure the underlying factors that affect the variables in
a data structure without setting any predefined structure to the outcome.

EFA is used to identify complex interrelationships among items and group items that are part of
unified concepts. The researcher makes no a priori assumptions about relationships among factors.

Confirmatory factor analysis on the other hand is used as tool in market research and analysis to
reconfirm the effects and correlation of an existing set of predetermined factors and variables that
affect these factors. (CFA) is a more complex approach that tests the hypothesis that the items are
associated with specific factors CFA uses structural equation modeling to test a measurement
model whereby loading on the factors allows for evaluation of relationships between observed
variables and unobserved variables. Structural equation modeling approaches can accommodate
measurement error, and are less restrictive than least-squares estimation.

F-Test

F-test is a statistical test that is used to determine whether two populations having normal
distribution
have the same variances or standard deviation. This is an important part of Analysis of Variance
(ANOVA). However in case the population is non normal, F test may not be used and alternate
tests like
Bartlett’s test may be used. Generally the comparison of variance is done by comparing the ratio
of two
variances and in case they are equal the ratio of variances are equal.

T-Test

A t-test is an analysis of two populations means through the use of statistical examination; a
t-test with two samples is commonly used with small sample sizes, testing the difference
between the samples when the variances of two normal distributions are not known.
A t-test looks at the t-statistic, the t-distribution and degrees of freedom to determine the
probability of difference between populations; the test statistic in the test is known as the
t-statistic. To conduct a test with three or more variables, an analysis of variance (ANOVA)
must be used.

Non-Parametric Statistics

Nonparametric statistics refer to a statistical method wherein the data is not required to fit
a normal distribution. Nonparametric statistics uses data that is often ordinal, meaning it does not
rely on numbers, but rather a ranking or order of sorts. For example, a survey conveying consumer
preferences ranging from like to dislike would be considered ordinal data.

One-Sample Runs test:

A non-parametric test used for determining whether the items in a sample have been selected
randomly. Run: A sequence of identical occurrences that may be preceded and followed by
different occurrences. At times, they may not be preceded or followed by any occurrences. Sign
test: A non-parametric test that takes into account the difference between paired observations
where plus (+) and minus (-) signs are substituted for quantitative values. Theory of runs: A
theory concerned with the testing of samples for the randomness of the order in which they have
been selected.

1) Wilcoxon Matched-pairs Test (or Signed Rank Test):

A non-parametric test is that which can be used in various situations in the context of two
related samples. Wilcoxon matched-pairs test is an important non-parametric test, which can be
used in various situations in the context of two related samples such as a study where husband and
wife are matched or when the output of two similar machines are compared. In such cases we can
determine both direction and magnitude of difference between matched values, using Wilcoxon
matched-pairs test. The procedure involved in using this test is simple. To begin with, the
difference (d) between each pair of values is obtained. These differences are assigned ranks from
the smallest to the largest, ignoring signs. The actual signs of differences are then put to
corresponding ranks and the test statistic T is calculated, which happens to be the smaller of the
two sums, namely, the sum of the negative ranks and the sum of the positive ranks. There may
arise two types of situations while using this test. One situation may arise when the two values of
some matched-pair(s) is/are equal as a result the difference (d) between the values is zero. In such
a case, we do not consider the pair(s) in the calculations. The other situation may arise when we
get the same difference (d) in two or more pairs. In such a case, ranks are assigned to such pairs
by averaging their rank positions. For instance, if two pairs have rank score of 8, then each pair is
assigned 8.5 rank [(8 + 9)/2 = 8.5] and the next largest pair is assigned the rank 10. After omitting
the number of tied pairs, if the given number or matched pairs is equal to or less than 25, then the
table of critical value T is used for testing the null hypothesis. When the calculated value of T is
equal to or smaller than the table (i.e. critical) value at a desired level of significance, then the null
hypothesis is rejected. In case the number exceeds 25, the sampling distribution of T is taken as
approximately normal with mean µT = n (n + 1)/µ and standard deviation σT = n (n + 1) (2n +
1)/24 where n is taken as the number of given matched pairs- number of tied pairs omitted, if any.
In such a situation, the test Z statistic is worked out as follows: Z = (T – µr)/σr The Mann-
Whitney U Test One of the most common and best known distribution-free tests is the Mann-
Whitney test for two independent samples. The logical basis of this test is particularly easy to
understand.

2) Kolmogorov-Smirnov test:

A non-parametric test that is concerned with the degrees of agreement between a set of observed
ranks (sample values) and a theoretical frequency distribution. Kolmogorov-Smirnov one-sample
test This test is concerned with the degrees of agreement between a set of observed values and the
values specified by the null hypothesis. It is similar to the chi-square test of goodness-of-fit. It is
used when one is interested in comparing a set of values on an ordinal scale. In order to apply the
Kolmogorov-Smirnov test, first of all we should have the cumulative frequency distribution from
the sample. Second, we have to establish the cumulative frequency distribution, which would be
expected on the basis of the null hypothesis. Third, we have to determine the largest absolute
deviation between the two distributions mentioned above. Finally, this value is to be compared
with the critical value to ascertain its significance. As the calculated D exceeds the critical value
of 0.096, the null hypothesis that there is no difference in importance ratings for durability among
the respondents is rejected. Although there are a number of non-parametric tests, we have
presented some of the more frequently used tests. While using these tests, we must know that the
advantages we derive by limiting our assumptions may be offset by the loss in the power of such
tests. However, when basic assumptions as required for parametric tests are valid, the use of non-
parametric tests may lead to a false hypothesis and thus we may commit a Type II error. We have
to consider this aspect very carefully before deciding in favour of nonparametric tests. It may be
reiterated that such tests are more suitable in case of ranked, scaled or rated data.
3) Kurskal-Wallis test:

A non-parametric method for testing the null hypothesis that K independent random samples
come from identical populations. It is a direct generalisation of the Mann-Whitney test. The
Kruskal-Wallis test This test is used to determine whether k independent samples can be regarded
to have been obtained from identical populations with respect to their means. The Kruskal-Wallis
Test is the non-parametric counter part of the one-way analysis of variance. The assumption of the
F-test, used in analysis of variance, was that each of the k populations should be normal with
equal variance. In contrast to this, the Kruskal-Wallis test only assumes that the k populations are
continuous and have the same pattern (symmetrical or skewed) of distribution. The null and the
alternative hypotheses of the Kruskal-Wallis test are: H0: m1 = m2 = … = mk (i.e., means of the k
populations are equal) Ha: Not all mi’s are equal.

4) Mann-Whitney U test:

A non-parametric test is used to determine whether two different samples come from identical
populations or whether these populations have different means. The null hypothesis to be tested is
that the two populations being compared have identical distributions. (For two normally
distributed populations with common variance, this would be equivalent to the hypothesis that the
means of the two populations are the same.) The alternative hypothesis is that the population
distributions differ in location (the median). Samples of observations are available from each of
the two populations being compared. The test is based on the joint ranking of the observations
from the two samples (as if they were from a single sample). If there are ties, the tied observations
are given the average of the ranks for which the observations are competing. The test statistic is
the sum of the ranks of one sample (the lower of the two rank sums is generally used).

5) The Spearman’s Rank Correlation Test

The Spearman’s Rank Correlation rs = 1 – 6∑di2 n (n2 - 1), can be used to test the significance of
correlation in population. We can write H0: rs = 0, where rs is the coefficient of correlation in
population. It can be shown that for n ≥ 10, the distribution of rs, under H0, is approximately
normal with mean 0 and standard error 1 n-1 . Thus, z = rs n-1 is a standard normal variate.

null hypothesis cannot be rejected at the level of significance α = 0.05. this test is particularly
useful in detecting trends and cyclic patterns in a series. If there is a trend, there would be first
mostly as and later mostly bs or vice versa. In case of a repeated cyclic pattern, there would be a
systematic alternation of as and bs and probably, too many runs.

6) Independent samples t-test

The independent samples t-test is used to test the null hypothesis that the means of two
populations are the same, H0: Q1 = Q2, when a sample of observations from each population is
available. The observations made on the sample members must all be independent of each other.
So, for example, individuals from one population must not be individually matched with those
from the other population, nor should the individuals within each group be related to each other.
The variable to be compared is assumed to have a normal distribution with the same standard
deviation in both populations. The test-statistic is where – y1 and – y2 are the means in groups 1
and 2, n1 and n2 are the sample sizes, and s is the pooled standard deviation calculated as where
s1 and s2 are the standard deviations in the two groups. Under the null hypothesis, the t-statistic
has a student’s t-distribution with n1 + n2 – 2 degrees of freedom. The confidence interval
corresponding to testing at the E significance level, for example, if E = 0.05, a 95% confidence
interval is constructed as when tE is the critical value for a two-sided test, with n1 + n2 – 2
degrees of freedom.

7) Paired samples t-test

A paired t-test is used to compare the means of two populations when samples from the
populations are available, in which each individual in one sample is paired with an individual in
the other sample. Possible examples are anorexic girls and their healthy sisters, or the same
patients before and after treatment. If the values of the variables of interest y for the members of
the ith pair in groups 1 and 2 are denoted as y1i and y2i, then the differences di = y1i – y2i are
assumed to have a normal distribution. The null hypothesis here is that the mean difference is
zero, i.e., H0:Qd = 0. The paired t-statistic is where– d is the mean difference between the paired
groups and sd is the standard deviation of the differences di and n the number of pairs. Under the
null hypothesis, the test-statistic has a t-distribution with n – 1 degrees of freedom. A 100(1 –
E)% confidence interval can be constructed as follows where tE is the critical value for a two-
sided test with n – 1 degrees of freedom.

8) Simple Linear Regression

Simple linear regression is used to model the relationship between a single response variable,
y, and a single explanatory variable, x; the model iswhere (xi, yi), i = 1, …, n are the sample
 values of the response and exploratory variables and Ii are random disturbance terms assumed
to be normally distributed with mean zero and variance W2. The intercept parameter, Fo, is
the value predicted for the response variable when the explanatory variable takes the value
zero. The slope parameter, F1, is the change in the response variable predicted when the
explanatory variable is increased by one unit. The parameters, also known as regression
coefficients, can be estimated by least squares (see Rawlings, Pantula, and Dickey, 1998)

9) Friedman Test
The Friedman test is a non-parametric statistical test developed by Milton Friedman . [1] [2] [3]
Similar
to the parametric repeated measures ANOVA , it is used to detect differences in treatments across
multiple test attempts. The procedure involves ranking each row (or block ) together, then
considering the values of ranks by columns. Applicable to complete block designs , it is thus a
special case of the Durbin test .
REFERENCES

C.Brombin et.al.,(2011) “Parametric and non parametric inference statistic”

Marshall.E “Introductory Statistics and Hypothesis Testing”

Arkkelin.D,(2014), “Using SPSS to Understand Research and Data Analysis” pp.1-125.

SPSS Tutorial: General Statistics and Hypothesis Testing

PART II

Title :- Consumer Preference about Dettol and Savlon in Hygiene Context

Objective :- To Study the consumers preferences about Dettol and Savlon

Population : A research population is also known as a well-defined collection of individuals or

objects known to have similar characteristics.

Sample :- A sample is simply a subset of the population. The main function of the sample is to
allow the researchers to conduct the study to individuals from the population so that the results of
their study can be used to derive conclusions that will apply to the entire population.

Sample Unit :- Consumers

Sample Size :- 100