You are the newly appointed business analyst for a large national bank (250000 customers). At a team meeting, your boss presents the results of a survey of customers regarding their opinion (measured on a ten point scale) of a new financial product. The survey sample (of 500 customers) showed a significant (p = 0.23) level of satisfaction with the new financial product. How should you interpret this result for your boss?
A) The result is significant and customers are satisfied
B) The result is not-significant but the small sample size is not important as sample size has no effect on statistical power
C) The result is not-significant but the small sample size may be missing large differences in customer satisfaction
D) The result is significant but the small sample size may be missing large differences in customer satisfaction

Question

Quizplus · Accepted Answer

The result is not-significant, but the small sample size may be missing large differences in customer satisfaction. A p-value of 0.23 indicates that there is a high likelihood that the observed difference in satisfaction levels between the customers who were surveyed and the population as a whole was due to chance. While this does not necessarily mean that there is not a true difference, the small sample size means that the survey may have missed large differences in customer satisfaction. Therefore, caution should be exercised in interpreting these results as they may not accurately reflect the opinions of the entire customer base.

You Are the Newly Appointed Business Analyst for a Large