8-27-07 - Sampling Error definition between characteristics...

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8/29/07 Chapter 1 What managers need to know about statistics? Draw conclusions about a population based on a sample. How to improve processes. How to obtain a reliable forecast. Model – mathematical relation between two or more variables Q=10-5P+AB+UT Chapter 2 Population – everything you wish to study Sample – a piece of the population Variable – used to represent a characteristic of each member of the population (i.e. gender, height etc.)
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Unformatted text preview: Sampling Error definition between characteristics of population and characteristics of sample Reduce Error? Increase size of sample. Things that determine the sampling error: Size of sample. Amount of variation in population. Parameters vs. Statistic Describes Population Describes Sample Size of Population (N) # of members in population Size of Sample (n) # of members in sample Error Population Sample...
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This note was uploaded on 04/18/2008 for the course ECON 205 taught by Professor Diagne during the Fall '07 term at Towson.

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