Sampling error , Applied Statistics

Assignment Help:

Sampling Error 

It is the difference between the value of the actual population parameter and the sample statistic.

Samples are used to arrive at conclusions regarding the population. For example, the sample mean is computed to arrive at an estimate of the population mean. However, the sample mean may not be equal to the population mean. The difference between the two means would be the Sampling Error.

Box 1: Error Terror

Hi Financials Ltd. recently commissioned a market survey to assess the growth in the number of equity investors in the country. A preliminary report revealed a sharp decline in the number of equity investors and raised several eyebrows in the board room. However, it was later clarified that the preliminary report was based on very small sample so that the conclusion was not applicable to the population as a whole. It was a case of sampling error.

A subsequent survey involving a larger sample revealed a healthy growth in the equity investor population. 


Related Discussions:- Sampling error

Mode, Mode The mode is the value which occurs most frequ...

Mode The mode is the value which occurs most frequently in a set of observations on the point of maximum frequency and around which other items of the set cluste

Calculate the maximum weight of the engine, Determine the maximum weight in...

Determine the maximum weight in kN to one decimal point (1 DP) of the engine that can be supported without exceeding the tension given in  Parameter 1 (P1) in chain AB or 1.1 x P1

Determine the lower and upper fences, To study the physical fitness of a sa...

To study the physical fitness of a sample of 28 people, the data below was collected representing the  number of sit-ups that a person could do in one minute.      10    12

Trying to find test statistic and P value, Ask question #Minimum The data i...

Ask question #Minimum The data in the accompanying table give the weights? (in g) of randomly selected quarters that were minted after 1964. The quarters are supposed to have a med

Stratified random sampling, Stratified Random Sampling: This method of ...

Stratified Random Sampling: This method of sampling is used when the population is comprised of natural subdivision of units, The method consist in classifying the population u

Probability and expectation, Ten balls are put in 6 slots at random.Then ex...

Ten balls are put in 6 slots at random.Then expected total number of balls in the two extreme slots

Define the partial market equilibrium model, Q. The following system of equ...

Q. The following system of equations illustrates the algebraic form of a partial (individual) market equilibrium model, which is a model of price (P) and quantity (Q) determination

Uncertain demand, Consider a Cournot duopoly with two firms (fi rm 1 and f...

Consider a Cournot duopoly with two firms (fi rm 1 and fi rm 2) operating in a market with linear inverse Demand P(Q) = x Q where Q is the sum of the quantities produced by both

Regression constants, The regression line should be drawn on the scatter di...

The regression line should be drawn on the scatter diagram in such a way that when the squared values of the vertical distance from each plotted point to the line are added, the to

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd