the use of statistics and the study of probability. He gives us historical background on the development of probability studies tied to games of chance; basic ideas of probability that are part of our mental arsenal and can be used in all kinds of unexpected situations; implications on statistics. First of all‚ he talks about that probabilities take their place in every part of our life‚ how can we put statistics in our life‚ how can we calculate the probability‚ which is born in the study of games
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MAUREEN L. M. INTERMEDIATE MICROECONOMICS SAMPLING TECHNIQUES INTRODUCTION A sample is a unit or subset of selection from a larger population that is used in studying to draw conclusions regarding the whole population. A sample is usually selected from the population because it is not easy to study the entire population at once and the cost of doing so may be very high. The sample should be the best representation of the whole population to enable accurate outcomes and accurate
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Chapter 1 An Introduction to Business Statistics True/False 1. A population is a set of existing units. Answer: True Difficulty: Easy 2. If we examine some of the population measurements‚ we are conducting a census of the population. Answer: False Difficulty: Medium 3. A random sample is selected so that on each selection from the population every unit remaining in the population has an equal chance of being chosen. Answer: True Difficulty: Easy 4. A process is in statistical control
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Sampling Methodologies Population: Population is defined as including all items with the characteristic one wishes to understand. Because there is seldom enough time or money to gather information from everyone or everything in a population‚ the goal is to find a representative sample (or subset) of that population. For example‚ a researcher might study the success rate of a new ’quit smoking’ program on a sample group of 50 patients‚ in order to predict the effects of the program if it were
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I. Probability Theory * A branch of mathematics concerned with the analysis of random phenomena. The outcome of a random event cannot be determined before it occurs‚ but it may be any one of several possible outcomes. The actual outcome is considered to be determined by chance. * The word probability has several meanings in ordinary conversation. Two of these are particularly important for the development and applications of the mathematical theory of probability. One is the interpretation
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M227 Chapter 1 Nature of Probability and Statistics OBJECTIVES Demonstrate knowledge of statistical terms. Differentiate between the two branches of statistics. Identify types of data. Identify the measurement level for each variable. Identify the four basic sampling techniques. Explain the difference between an observational and an experimental study. Explain how statistics can be used and misused. Explain the importance of computers and calculators in statistics. Statistics is the science
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Application of sampling distribution Joe Greene‚ a new manager at Pilgrim Bank wants to better understand profitability data for bank’s customers. Joe is able to obtain a random sample of 31‚634 customers on the following variables – Profitability (in $‚ for the most recent completed year‚ i.e. 2006)‚ whether or not the customer uses the online banking channel‚ customer tenure‚ age and income where available‚ as well as the customer’s residential area. Descriptive statistics for Profits indicates
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SAMPLING Sampling is the act‚ process‚ or technique of selecting a suitable sample‚ or a representative part of a population for the purpose of determining parameters or characteristics of the whole population. REASONS FOR SAMPLING There are six main reasons for sampling instead of doing a census. These are; * Economy * Timeliness * The large size of many populations * Inaccessibility of some of the population * Destructiveness of the observation * Accuracy or Reliability
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light energy from the sun to make their own food (photosynthesise). Sampling plants 1. RANDOM SAMPLING Random sampling is usually carried out when the area under study is fairly uniform‚ very large‚ and or there is limited time available. When using random sampling techniques‚ large numbers of samples/records are taken from different positions within the habitat. A quadrat frame is most often used for this type of sampling. The frame is placed on the ground (or on whatever is being investigated)
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THE USE OF CLUSTER SAMPLING TO SELECT A REPRESENTATIVE SAMPLE: STUDENT RECRUITMENT MARKETING IN SOUTH AFRICA – AN EXPLORATORY STUDY INTO THE ADOPTION OF A RELATIONSHIP ORIENTATION Submitted by: Tutorial group: Due date: 14 September 2013 TABLE OF CONTENTS 1 INTRODUCTION 1 2 CLUSTER SAMPLING 2 2.1 ADVANTAGES OF CLUSTER SAMPLING 3 2.2 DISADVANTAGES OF CLUSTER SAMPLING 3 3 USE OF CLUSTER SAMPLING IN A RECENT MARKETING RESEARCH STUDY 3 3.1 ADVANTAGES OF
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