Intro to Business Statistics

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Random sampling

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Intro to Business Statistics

Definition

Random sampling is a method of selecting a subset of individuals from a population in which each member has an equal chance of being chosen. This technique aims to produce representative and unbiased samples.

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5 Must Know Facts For Your Next Test

  1. Random sampling minimizes selection bias, ensuring each member of the population has an equal probability of inclusion.
  2. It is essential for statistical inference, allowing results to be generalized from the sample to the population.
  3. Common random sampling techniques include simple random sampling, stratified random sampling, and systematic sampling.
  4. The law of large numbers states that as the sample size increases, the sample mean will get closer to the population mean.
  5. Random sampling requires a complete list (sampling frame) of all members in the population.

Review Questions

  • Why is random sampling important in statistical analysis?
  • What are three common techniques used in random sampling?
  • How does increasing sample size affect the accuracy of a random sample?

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