Week+5+Overview.docx - Course MGMT650 Course Title...

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Course #: MGMT650 Course Title: Statistics for Managerial Decision Making Week 5: Sampling and Sampling Distributions: There are many different kinds of sampling used to collect data. There are several type of probability samples (simple random sampling, systematic sampling stratified sampling, cluster sampling, and resampling) commonly used with unique properties to each. There are also nonprobability samples used on occasion. There are different kinds of errors associated with each kind. Describe the central limit theorem and how it relates to sampling and errors. Learning Objectives: 1. Describe where you would use each sampling method, and the potential errors of each method. See the Week 5 Lecture, Sampling Methods 2. Describe the Central Limit Theorem (CLT) and how it is used. The CLT states that the distribution of the average of a large number of independent, identically distributed variables will be approximately normal, regardless of the underlying distribution. In the
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