Years in operation of 120 failed businesses
Use the diagram to show:
Make the point that it is too expensive to collect the information from all 120 businesses and that, in practice, we would only be able to observe a single sample.
The data are artificial but the context is described below.
A researcher is interested in how long small businesses stay in operation. As part of the study, 120 businesses that closed down during the previous year were investigated. The last registered director of each company was contacted and asked about how long it had been in business. (The information was obtained from local government sources if nobody from the company could be contacted.)