A recent PwC survey of 1,322 CEOs in a wide range of industries representing a mix of company sizes from Asia, Europe, and the Americas indicated that CEOs no longer question the need to embrace technology at the core of their business in order to create value for customers (pwc.to/1C5bG9D). Eighty percent (80%) of CEOs see data mining and analysis as strategically important for their organization. Effectively leveraging data analytics tools, however, presents challenges for companies. Companies are not using analytics enough; there are issues about data quality, information overload, and a continuing lack of trust in the value of digital data.
When companies do invest in digital technologies to deliver what customers want, that commitment would appear to pay off. CEOs are seeing the best return on digital investment in the area of operational efficiency; 88% percent think value has been created in this area.
a. Describe the population of interest.
b. Describe the sample that was collected.
c. Describe a parameter of interest.
d. Describe the statistic used to estimate the parameter in (c).