What is sampling, Business Economics

Assignment Help:

Sampling and tests of significance are very important tools in business economics. In fact one cannot do any meaningful marketing research without the requisite knowledge of sampling techniques.

Any collection (usually large) of individuals or objects is called a population or universe.

A finite subset of a population is called a sample. The number of individuals in a sample is called the sample size.
    
1. Random Sampling: When a sample is taken in such a way that each member of the population has the same probability of being selected, the sample so obtained is called a random sample and the technique is called random sampling.
    
2. Simple Sampling: It is a special case of random in which each event has the same probability of success and the probability of an event is independent of the success or failure of event in the preceding trails. Thus, simple sampling is a random sampling in which the trails are independent and the probability of success is constant.
    
3. Large and the small sample: Sample of size n > 30 is called large samples and samples of size n ≤ 30 is called small samples.
    
4. Hypothesis: In order to make certain decisions about a population on the basis of sample information, some assumption is made about the population. Such assumption, which are not necessarily true, are called statistical hypothesis.
    
5. Null Hypothesis: The hypothesis tested for possible rejection under the assumption that it is true, is called the null hypothesis.
    
6. Parameters and Statistics:  The Statical constants of the population viz., mean (μ), variance 2), etc., are usually referred to as parametrs. The statistical measures computed from the sample observations above, e.g., mean X¯, variance (s2), etc., are called statistics.
    
7. Level of significance : We are not introducing binomial statement and Normal distribution in this introductory book .The following statements may be taken as given:
    
(i) Normal distribution is the limiting case of the binomial distribution. When n -> α (i.e., the number of trials is indefinitely large) and neither P nor q is very small.
    
(ii) The vitiate Z is defined by

26_sampling.png


Related Discussions:- What is sampling

Business policy & environment, various approaches followed by FMCG companie...

various approaches followed by FMCG companies in test marketing

Test review question, greg and todd form a partnership and start a business...

greg and todd form a partnership and start a business in which each has a 50 percent share of the profit. after a year, the firm goes bankrupt and has debts of $20,000. greg has no

Political partiy., two political party called hawks show apoint ppf that th...

two political party called hawks show apoint ppf that the hawks might choose and a point the doves might choose

Managerial economics, Managerial economics is the discipline which deals wi...

Managerial economics is the discipline which deals with application of "economic theory to business management" Discuss

How micro or microfinance credit assists in financial market, How is Micro ...

How is Micro or Microfinance credit assists in financial markets? Micro or Microfinance credit assists: • Grow businesses and raise the income of the poor • Extra income

Identify if an institution or development policy work, How do we identify i...

How do we identify if an institution or development policy works? Institutions and policies have goals. Successful policies and institutions meet stated objectives in a specif

Return on a particular index of stocks, A sample of 60 mutual funds was tak...

A sample of 60 mutual funds was taken and the mean return in the sample was 13% with a standard deviation of 6.9%. The return on a particular index of stocks (against which the mut

Demand and supply, discuss the concept of demand for the products that are...

discuss the concept of demand for the products that are being consumed by the different consumers

Create the scatter graph, Create the scatter graph of the monthly return on...

Create the scatter graph of the monthly return on your corporation (on the vertical axis) versus the monthly return on the S&P 500 (on the horizontal axis)--so there should be 60 d

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