DANIEL MACARRÓN MOVELLÁN

1. In survey, where participated 100 respondents, was discovered, that for snacks
monthly was 50 Euro with standard deviation 10 Euro. Find the confidence interval for
population of 1000 units 1) with probability 0,9; 2) with probability 0,95; 3) with level
of significance 0,21. A) sample random with replacement; B) sample random without
replacement. Please draw all graphs indicating confidence interval in real scale and
standartised scale and respective probability!
DANIEL MACARRÓN MOVELLÁN
DANIEL MACARRÓN MOVELLÁN
DANIEL MACARRÓN MOVELLÁN

2. Please, find the confidence interval with probability 0,9545 of average income in
households in Latvia in 2017 (according the Household Finance and Consumption
Survey, available at Bank of Latvia homepage https://bank.lv/en/statistics/stat-
data/hfcs see Table 16. Household income, breakdown by different household
characteristics)
a) All households
b) One person households
c) Three person’s households
d) Percentile of income less than 20
e) Percentile of income 80 – 100.
Please draw all graphs indicating confidence interval in real scale and standartised scale
and respective probability!
DANIEL MACARRÓN MOVELLÁN
DANIEL MACARRÓN MOVELLÁN
DANIEL MACARRÓN MOVELLÁN

3. Please, find the confidence interval with probability 0,9545 of average income in
households in Greece in 2017 (according the Household Finance and Consumption
Survey, available at European Central Bank homepage
https://www.ecb.europa.eu/stats/ecb_surveys/hfcs/html/index.en.html see Table 12.
Annual household income, breakdown – means
https://www.ecb.europa.eu/home/pdf/research/hfcn/HFCS_Statistical_Tables_Wave_
2017_May2021.pdf?ca15e575b6b7765dad1147e7a3dba728)
a) All households
b) One person households
c) Four persons households
d) Percentile of income less than 20
e) Percentile of income 90 – 100.
Please draw all graphs indicating confidence interval in real scale and standartised scale
and respective probability!
DANIEL MACARRÓN MOVELLÁN
DANIEL MACARRÓN MOVELLÁN
DANIEL MACARRÓN MOVELLÁN

4. Sampling.
Probability sampling is a type of statistical sample that focuses on analyzing and
studying specific groups of a statistical population, using random selection. The
selection of the sample largely determines the quality of the research. And how
researchers select their sample determines the quality of their findings. Probabilistic
sampling largely provides quality in the researcher's findings, this happens because it
is about investigating an impartial representation of the population. This is especially
important to eliminate predisposition in your surveys. Its main requirement is that all
people in the population studied have the same selection opportunities. We find
different types of sampling:
Simple random sampling, as its name implies, is a completely random method used to
select a sample. This sampling method is as easy as assigning numbers to individuals
(sample) and then randomly choosing numbers among the numbers through an
automated process. Finally, the numbers that are chosen are the members that are
included in the sample. There are two ways in which the samples are chosen: Through
a lottery system and the use of random number generation software. This sampling
technique generally works in large populations and has both advantages and
disadvantages.
Stratified Sampling: This is a method in which a large population is divided into two
smaller groups, which usually do not overlap but represent the entire population as a
whole. During sampling, these groups can be organized and after these a sample can be
obtained from each group separately. Something common in this type of method is to
organize or classify the samples by sex, age, ethnicity, etc. This method divides subjects
into mutually exclusive groups and then uses simple random sampling to choose
members of the groups.
Cluster sampling: This is a method that randomly selects participants when they are
geographically dispersed. Cluster sampling usually analyzes a particular population in
which the sample consists of several elements, for example, city, family, university,
etc. Clusters are basically selected by dividing the larger population into several smaller
sections.
Systematic sampling: this focuses on choosing every “nth” person to be part of the
sample. For example, you can choose every fifth person to be part of the sample, or
every tenth person to be part of it. Systematic sampling is an extended implementation
DANIEL MACARRÓN MOVELLÁN

of the very same probability technique in which every member of a group is selected at
regular periods to form a sample.
In short, sampling is fundamental in the world to be able to study all kinds of cases,
becoming a tremendously relevant tool when making decisions and studying any
population and its characteristics. In addition, sampling allows results and data to be
obtained effectively, reliably and quickly, which in practice means that the cost of
carrying out a certain study drops considerably.
DANIEL MACARRÓN MOVELLÁN

5. Main information about quantitative methods in decision making.

One of the most important functions in any business process is decision making. This
is one of the most common and relevant terms in the development of any company,
regardless of its size or the type of organization it represents. Thanks to quantitative
methods, the decision process has become much simpler and more efficient.

Decision making represents a process that accompanies us in any aspect of our lives. In
the professional field, it is valuable to know how to identify many factors that affect
this process, such as biases, value judgments and cultural characteristics of our
environment. All these elements also influence the implementation of quantitative
methods, from the first stages in which the strategies to be used are determined, to the
analysis of risks.

When implementing quantitative analysis methods in decision making, it is essential to

understand that these require a high rational capacity. To ensure that the appropriate
techniques are used correctly, according to each particular case. The use of quantitative
and analytical methods facilitates decision-making processes, since these can be studied
in a much more objective and professional manner. The advantage of these techniques
is that they are based on mathematical methodologies with a high degree of reliability.

A quantitative method could be defined as those mathematical models put at the service
of problem-solving processes in a rational and scientific way. It goes without saying
that in most cases, many of the elements that define decision-making are subject to
subjective factors and require analysis that can go beyond numbers or empirical data.
However, having these methods allows to analyze, evaluate and determine those data
contained and that refer to some type of problem or objective. In this way, the security
and rigor of all the information that can be obtained thanks to the quantitative
magnitudes that we incorporate into the decision-making process are added to the
subjective elements.

These methods support the application of objectives and those methods of the natural
sciences to the social sciences. In this way, the spheres of a social nature are
DANIEL MACARRÓN MOVELLÁN

transformed into observable facts and conducive to their measurement and statistical
analysis.
DANIEL MACARRÓN MOVELLÁN

6. Which at least three e-books available in University of Latvia Databases specially

for Faculty of Business, Management and Economics (Biznesa, vadības un ekonomikas
fakultāte) see from the list available in VlEbooks and in ProQuest EBook Central) could
be more useful for you and why in studies in your field for use of quantitative methods
for decision making.

I have choosen three books according to what I thought that is more usefull to my
country according to post Covid-19 context. The books are: 1. Cultural Differences
and Economic Globalization : Effects on Trade, Foreign Direct Investment, and
Migration 2. Communication and Channel Systems in Tourism Marketing 3.
Competence-Based Innovation in Hospitality and Tourism

An economic sector that is fundamental in my country of origin (it is placed between

the 2nd and 3rd main income in Spain) is the tourism and hospitality sector. Without
any doubt, this sector has been, and is affected by, the rapid changes of a modern,
openly globalized world. Today, with the world interconnected and with a much larger
and consequently competitive tourism sector, it is logical that we ask ourselves what
innovations we could introduce to be highly competitive in this industry.
This books demonstrates that the development and analysis of successful innovation
strategies should integrate the resource-based view and its advancements, the
competence-based view, as well as the dynamic capabilities approach and the relational
view. That is why this particulars books offers us tools, processes and first-hand
information to be able to introduce those necessary changes in the tourism sector.

As we know, one of the processes and first steps for tourism to be effective in any
country is to do good marketing to attract customers. Today, information channels
change at great speeds due to digitization. And it is necessary to understand and
promote those communication channels that are most effective for the propaganda that
we want to do.
Finally, one of the biggest problems facing Spain today is immigration and the
economic consequences that it entails. That is why understanding, measuring, and being
able to study, through the instruments and quantitative tools that we have learned in this
class, the effects that globalization and an interdependent global economy have
generated, can be tremendously useful in making both microeconomic and economic
decisions. , such as macroeconomics, in order to solve a structural problem as big as
immigration.