Intro to Business Statistics

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Intro to Business Statistics

Definition

A sample is a subset of a population used to represent the entire group. Samples are used in statistics to draw conclusions about populations without examining every individual.

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5 Must Know Facts For Your Next Test

  1. A sample must be representative of the population to provide accurate insights.
  2. There are different sampling methods such as random sampling, stratified sampling, and cluster sampling.
  3. Sample size affects the reliability and validity of statistical results; larger samples generally lead to more accurate estimates.
  4. Sampling bias occurs when certain members of the population have a higher or lower probability of being included in the sample.
  5. The concept of sampling distribution describes how the sample mean (or other statistic) will vary from sample to sample.

Review Questions

  • What is the importance of having a representative sample?
  • How does sampling bias affect the outcomes of a study?
  • Explain the difference between random sampling and stratified sampling.
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