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BUAL 2650 || Already Passed.

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  • BUAL 2650
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  • BUAL 2650

Population correct answers the set of all objects or individuals we wished we had data on (e.g. US adults) Sample correct answers the set of objects that we actually have data on Sample proportions are just __________________ correct answers point estimates point estimate definition correc...

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  • November 2, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUAL 2650
  • BUAL 2650
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FullyFocus
BUAL 2650 || Already Passed.
Population correct answers the set of all objects or individuals we wished we had data on (e.g.
US adults)

Sample correct answers the set of objects that we actually have data on

Sample proportions are just __________________ correct answers point estimates

point estimate definition correct answers the statistic calculated from sample data used to
estimate the true unknown value in the population

Is the sample proportion the same from sample to sample? correct answers No

Advantage of sample proportion correct answers easy calculation

Sample Proportion Formula correct answers p̂ = x/n

Disadvantage of sample proportion correct answers the sample proportion does not equal the
population, but does it it right on average

Standard Deviation Definition correct answers The difference between the sample proportion
and the population; how much our sample proportion will be off by

Standard Deviation Formula correct answers square root of pq/n , where q=1 - p

95% confidence interval correct answers p̂ ± 2•SD(p̂), where the upper boundary is + and the
lower boundary is -

95% CI translation correct answers 95% of the sample proportions are within two times the
standard deviation of the mean

Conditions to check correct answers 1. Randomization Condition
2. 10% Condition
3. Success/Failure Condition

Randomization Condition correct answers you must have a random sample

10% Condition correct answers the sample size, n, must be no larger than 10% of the population,
or else the sample will be correlated

Success/Failure Condition correct answers the sample size, n, must be big enough to that the
number of successes, np, and the number of failures, nq, are at least 10. (i.e. np ≥ 10 and nq ≥ 10)

What does it mean if our data follows all three conditions? correct answers Our data follows
normal distribution

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