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Chapter 7 STAT

Chapter 7 STAT - R R \$S rS S T[T T parameterU zV | BT...

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° ± R ° ° ² R ° ° \$ S ° ° r S ° ° ³ S ° ° ´ T ° ° [ T ° ° ' T ° ° µ T ° ° parameter z Z Business Statistics Fifth Edition Ken Black 3. Chapter 7: Sampling Chapter 7: Sampling 4. and and 5. Sampling Distributions Sampling Distributions These notes are not to be reproduced without the written permission of F.B. Alt 7- 1

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1. Sampling Purpose of taking a sample ? _______To do Inferential Statistics ________ It is usually impossible to measure every unit in the population because: o population is too large, o cost would be prohibitive, o too time consuming, Instead, we take a sample, or a subset, of the population. Sampling techniques are either probability based (random sampling) or nonprobability based (non-random sampling) [Black, page 221] Of the probability based sampling techniques, we will only consider simple random sampling [Black, page 222] - SRS Simple Random Sample : A sample chosen in such a way so that all samples of size n are equally likely to be selected for the sample. The sampling frame is the list of units “allegedly” comprising the population. o (The whole list below is a sampling frame) Choosing a SRS o Assign a numerical code to every member of the population. o Use randomly generated numbers [page 774] to select the n units in the sample.
Example : Pick a random sample of size 3 from the 30 stocks in the DJIA Alcoa Inc. Common Stock American Express Company  Boeing Company (The)  Bank of America Corporation  Caterpillar, Inc.  Cisco Systems, Inc. Chevron Corporation  E.I. du Pont de Nemours  Walt Disney Company (The) General Electric Company

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Home Depot, Inc.  Hewlett-Packard Company  International Business Machines Intel Corporation Johnson & Johnson  JP Morgan Chase & Co.
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