Video planet (vp) sells a big screen tv package consisting of a 60-inch plasma tv, a universal remote, and on-site installation by vp staff. the installation includes programming the remote to have the tv interface with other parts of the customer’s home entertainment system. vp concludes that the tv, remote, and installation service are separate performance obligations. vp sells the 60-inch tv separately for $2,110 and sells the remote separately for $280, and offers the entire package for $2,620. vp does not sell the installation service separately. vp is aware that other similar vendors charge $330 for the installation service. vp also estimates that it incurs approximately $280 of compensation and other costs for vp staff to provide the installation service. vp typically charges 40% above cost on similar sales.
calculate the stand-alone price of the installation service using each of the following approaches.
1 adjusted market assessment
2. expected cost plus margin
3. residual

Reliability and validity reliability and validity are two important considerations that must be made with any type of data collection. reliability refers to the ability to consistently produce a given result. in the context of psychological research, this would mean that any instruments or tools used to collect data do so in consistent, reproducible ways. unfortunately, being consistent in measurement does not necessarily mean that you have measured something correctly. to illustrate this concept, consider a kitchen scale that would be used to measure the weight of cereal that you eat in the morning. if the scale is not properly calibrated, it may consistently under- or overestimate the amount of cereal that’s being measured. while the scale is highly reliable in producing consistent results (e. g., the same amount of cereal poured onto the scale produces the same reading each time), those results are incorrect. this is where validity comes into play. validity refers to the extent to which a given instrument or tool accurately measures what it’s supposed to measure. while any valid measure is by necessity reliable, the reverse is not necessarily true. researchers strive to use instruments that are both highly reliable and valid.