Workshop 7 Slides(1)

# Workshop 7 Slides(1) - 11 September 2015 BUSS1020...

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BUSS1020 Quantitative Business Analysis Workshop 7 Scott Liu 11 September 2015

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Aims § Understand the reasons why a sample is used and not the population. § Understand the concept of a simple random sample (SRS). § Enumerate the sample space for a discrete distribution for samples of size 2 or 3. § Determine the sampling distribution of the mean after enumerating the sample space. § Calculate the mean and variance of the sample mean. § Calculate a point estimate for the mean and variance; be able to explain the meaning of a point estimate, and what it is estimating. § Use Excel to create a set of random numbers to enable taking a sample. § Use the random number generator in Excel to produce random numbers from a normal or uniform distribution. § Demonstrate, using expectations, that ࠵? ࠵? # = ࠵? and Var ࠵? # = , - . § Choose the distribution to be used and explain why the choice was made. § Understand when the Central Limit Theorem is used and how to use it. § Calculate a confidence interval for the population mean using CLT. § State the assumptions for the choice of distribution when calculating a confidence interval for the population mean. § Interpret the confidence interval obtained for the population mean. 2 Aims Lecture Recap Learning the Basics Applying the Techniques
Sampling Distributions Aims Lecture Recap Learning the Basics Applying the Techniques 3 Sampling Distributions: Overview § In statistics, we are interested in the distribution of the sample proportion/mean .

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