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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Random sampling is the purest form of probability sampling. Each member of the population has an equal and known chance of being selected. When there are very large populations‚ it is often difficult or impossible to identify every member of the population‚ so the pool of available subjects becomes biased. Systematic sampling is often used instead of random sampling. It is also called an Nth name selection technique. After the required sample size has been calculated‚ every Nth record is selected
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CHAPTER 7—SAMPLING AND SAMPLING DISTRIBUTIONS MULTIPLE CHOICE 1. From a group of 12 students‚ we want to select a random sample of 4 students to serve on a university committee. How many different random samples of 4 students can be selected? a.|48| b.|20‚736| c.|16| d.|495| ANS: D 2. Parameters are a.|numerical characteristics of a sample| b.|numerical characteristics of a population| c.|the averages taken from a sample| d.|numerical characteristics of either a sample or a population| ANS:
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Product Pricing Component ECO/561 Product Pricing Component Consumers choose goods and services that are a representation of the wants and needs. Companies produce goods and services according to the immediate needs of the customers in hopes to increase profits by retaining current customers and gaining new customers. Managers focus on designing products and services that make the product. Components of product pricing include the core benefits of the product to consumers‚ the actual product
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Surveys 3-5 December 2003 DRAFT Sampling frames and master samples * by Anthony G. Turner ** * ** This document is being issued without formal editing. The views expressed in this paper are those of the author and do not imply the expression of any opinion on the part of the United Nations Secretariat. Table of contents Chapter Three: Sampling frames and master samples ...................................................................3 A. Sampling frames and their development ....
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standard error of your estimate? What is the sampling population for this study? Do you think this sampling procedure results in a representative sample of households with children? Why‚ or why not? Solution: This is a cluster sample because all the elements within the clusters are selected. (Example: All parents who attended selected clinics in the Chicago). The primary sampling unit (psu): Clinics in the Chicago. The secondary sampling unit (ssu): Households with guns (parents who
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Population and Sampling MTH/231 Fahad M. Gohar Statistical data dates back to as early as Ancient Greek time‚ where it was introduced by John Graunt‚ William Petty and Pascal in the 16th century. It was then re-introduced by Gottfriend Achenwall in the 17th century. This was a very exciting time for scientists‚ astronomers and physicists alike as it raised the confidence and knowing that the laws of nature were not of divine intervention. As the years went on‚ new mathematical
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CHAPTER 12 SAMPLING MECHANICS Sampling is an activity that involves the selection of individual people‚ data or things‚ from a target population/universe. A population‚ or universe‚ is the entire set people data or things that is the subject of exploration. A census involves obtaining information‚ not from a sample‚ but rather from the entire population or universe. A sample (as opposed sampling) is a subset of the population/universe. For Marketing Research purposes‚ sampling usually
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Statistical Sampling Statistical Sampling 1. The authors of the paper make assumptions about the U.S. population on three dimensions. What are the three dimensions? (Hint: The authors refer to these dimensions as "components of change.") Answer: The three dimensions would be migration‚ fertility‚ and mortality. 2. What is the expected population of the U.S. in 2050 given the new series (i.e.‚ based on 1998 data) based on the lowest series? The middle series? And the highest
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Sampling Procedures There are many sampling procedures that have been developed to make sure that a sample really represents the target population. Simple Random Sampling In simple random sampling‚ every individual in the target population has an equal chance of being part of the sample. This requires two steps: 1. Obtain a complete list of the population. 2. Randomly select individuals from that list for the sample. In a study where the unit of analysis is the student‚ the researcher
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