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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Session 5 Topic: Sampling Theory/ Techniques and Discussions Project Brief ◦ Expectations and deliverables (Deadline October 1‚ 2010- EOD) Sampling basics ◦ Fundamental Issues ◦ Errors Sampling techniques ◦ Probabilistic ◦ Non-probabilistic Discussions © Krishanu Rakshit‚ IIM Calcutta 28 September‚ 2010 2 When do we use a ‘sample’ When do we use a census (population) Sampling errors ◦ Difference between a measure from sample and the measure
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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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ANSWER: Sampling is that part of statistical practice concerned with the selection of an unbiased or random subset of individual observations within a population of individuals intended to yield some knowledge about the population of concern‚ especially for making predictions based on the statistical inference (Ader‚ Mellenberg & Hand: 2008). There are quite a number of sampling methods that can be employed in research and these include simple random sampling‚ systematic sampling‚ stratified sampling
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Sampling methodologies Sampling It may be defined as a process of selecting units that may be people‚ organizations etc‚ from a larger whole i.e. from a population of interest‚ so that by studying the sample we may come up with general characteristics of the entire population under consideration. Types of sampling methods: Probability sampling Probability sampling is a type of sampling that includes random selection. And in order to achieve random selection‚ it must be
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is snowball sampling? Snowball sampling uses a small pool of initial informants to nominate‚ through their social networks‚ other participants who meet the eligibility criteria and could potentially contribute to a specific study. The term "snowball sampling" reflects an analogy to a snowball increasing in size as it rolls downhill [9] Snowball Sampling is a method a used to obtain research and knowledge‚ from extended associations‚ through previous acquaintances‚ "Snowball sampling uses recommendations
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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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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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The key is the use of statistically derived random sampling procedures. These ensure that survey results can be defended as statistically representative of the population. Surveys that do not follow these procedures can produce results that lead to misguided market research‚ strategic‚ or policy decisions. Any so-called "survey" in which no attempt is made to randomly select respondents‚ such as call-in readers’ or viewers’ "polls"‚ is likely to produce results that in no way reflect overall public
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Sampling and Data collecting Plan October 9‚ 2014 University of Phoenix QNT/561 Team D has chosen to look into whether or not should Pear Inc. should start putting their resources into either Laptops or tablet electronic devices. Putting resources into a venture that may or not pan out could be detrimental to that same company. As an example; Kodak and their choice not to expand into digital‚ something they created‚ and stay the course with their polyurethane film (Mui‚ 2012).In the end the
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