chap07 - Statistics for Business and Economics Chapter 7...

Info iconThis preview shows pages 1–12. Sign up to view the full content.

View Full Document Right Arrow Icon
Chap 7-1 Chapter 7 Sampling and Sampling Distributions Statistics for Business and Economics
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chap 7-2 Chapter Goals After completing this chapter, you should be able to: Describe a simple random sample and why sampling is important Explain the difference between descriptive and inferential statistics Define the concept of a sampling distribution Determine the mean and standard deviation for the sampling distribution of the sample mean, Describe the Central Limit Theorem and its importance Determine the mean and standard deviation for the sampling distribution of the sample proportion, Describe sampling distributions of sample variances p ˆ X
Background image of page 2
Chap 7-3 Descriptive statistics Collecting, presenting, and describing data Inferential statistics Drawing conclusions and/or making decisions concerning a population based only on sample data Tools of Business Statistics
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chap 7-4 A Population is the set of all items or individuals of interest Examples: All likely voters in the next election All parts produced today All sales receipts for November A Sample is a subset of the population Examples: 1000 voters selected at random for interview A few parts selected for destructive testing Random receipts selected for audit Populations and Samples
Background image of page 4
Chap 7-5 Population vs. Sample a b c d ef gh i jk l m n o p q rs t u v w x y z Population Sample b c g i n o r u y
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chap 7-6 Why Sample? Less time consuming than a census Less costly to administer than a census It is possible to obtain statistical results of a sufficiently high precision based on samples.
Background image of page 6
Chap 7-7 Simple Random Samples Every object in the population has an equal chance of being selected Objects are selected independently Samples can be obtained from a table of random numbers or computer random number generators A simple random sample is the ideal against which other sample methods are compared
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chap 7-8 Making statements about a population by examining sample results Sample statistics Population parameters (known) Inference (unknown, but can be estimated from sample evidence) Sample Population Inferential Statistics
Background image of page 8
Chap 7-9 Inferential Statistics Estimation e.g., Estimate the population mean weight using the sample mean weight Hypothesis Testing e.g., Use sample evidence to test the claim that the population mean weight is 120 pounds Drawing conclusions and/or making decisions concerning a population based on sample results.
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chap 7-10 Sampling Distributions A sampling distribution is a distribution of all of the possible values of a statistic for a given size sample selected from a population
Background image of page 10
Chap 7-11 Chapter Outline Sampling Distributions Sampling Distribution of Sample Mean Sampling Distribution of Sample Proportion Sampling Distribution of Sample Variance
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 12
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/30/2010 for the course STATISTIC Cq498767 taught by Professor Wade during the Spring '10 term at UCSI.

Page1 / 44

chap07 - Statistics for Business and Economics Chapter 7...

This preview shows document pages 1 - 12. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online