QMB 3200 MODULE 2 WITH COMPLETE SOLUTIONSQMB 3200 MODULE 2 WITH COMPLETE SOLUTIONSQMB 3200 MODULE 2 WITH COMPLETE SOLUTIONSmean (symbol), a population standard deviation (symbol), a population proportion (p), and so on.
Target Population - ANSWER-The population for which statistical inferences s...
QMB 3200 MODULE 2 WITH COMPLETE
SOLUTIONS
Parameter - ANSWER-A numerical characteristic of a population, such as a population
mean (symbol), a population standard deviation (symbol), a population proportion (p),
and so on.
Target Population - ANSWER-The population for which statistical inferences such as
point estimates are made. It is important for the target population to correspond as
closely as possible to the sampled population.
Sampled Population - ANSWER-The population from which the sample is taken.
Sampling Distribution - ANSWER-A probability distribution consisting of all possible
value of a sample statistic.
Sample Statistic - ANSWER-A sample characteristic, such as a sample mean (x-bar), a
sample standard deviation (s), a sample proportion (p-bar), and so on. The value of the
sample statistic is used to estimate the value of the corresponding population
parameter.
Point Estimator - ANSWER-The sample statistic, such as (x-bar), (s), or (p-bar), that
provides the point estimate of the population parameter.
Central Limit Theorem - ANSWER-A theorem that enables one to use the normal
probability distribution to approximate the sampling distribution of (x-bar) whenever the
sample size is large.
Finite Population Correction Factor - ANSWER-The term (Square Root of (N-n)(N-1))
that is used in the formulas for (lowercase sigma for x-bar) and (lowercase sigma for p-
bar) whenever a finite population, rather than an infintie population, is being sampled.
The generally accepted rule of thumb is to ignore the finite population correction factor
whenever n/N is less than or equal to .05.
Simple Random Sampling - ANSWER-A simple random sample of size n from a finite
population of size N is a sample selected such that each possible sample of size n has
the same probability of being selected.
Standard Error - ANSWER-The standard deviation of a point estimator.
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