Intro to Business Statistics

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Proportion

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Intro to Business Statistics

Definition

A proportion is a type of ratio that compares a part to the whole, often expressed as a fraction, decimal, or percentage. In statistics, it represents how frequently an event occurs relative to the total number of trials.

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5 Must Know Facts For Your Next Test

  1. Proportions can be used to estimate population parameters from sample data.
  2. They are often expressed in terms like $p$ for population proportion and $\hat{p}$ for sample proportion.
  3. The formula for calculating a sample proportion is $\hat{p} = \frac{x}{n}$, where $x$ is the number of successes and $n$ is the sample size.
  4. Confidence intervals can be constructed around proportions to estimate the true population proportion.
  5. Hypothesis testing involving proportions often uses the Z-test for large samples.

Review Questions

  • What is the difference between a sample proportion and a population proportion?
  • How do you calculate a sample proportion?
  • What statistical test would you use to compare two proportions?

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