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

Method for choosing decision tree tools, Banking on a Beard Award Deci...

Banking on a Beard Award Decision trees are models which allow you to both visualize and quantify a range of possible outcomes when faced with complex choices. These models in

Explain the concepts of scarcity and opportunity cost, QUESTION (a) Usi...

QUESTION (a) Using diagrams where appropriate, explain the concepts of scarcity, choice and opportunity cost. (b) Distinguish between positive and negative externalities, il

What are the formal and informal sectors, What are the formal and informal ...

What are the formal and informal sectors? Formal and informal sectors: Economic activities considered as to the government make up the formal sector of the economy. That

Businesses may try to influence government policy, Explain the ways in whic...

Explain the ways in which businesses may try to influence government policy in a way that might benefit them.   In the light of government regulation, businesses may become inv

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

Calculate the standard error, The Wallpaper Shop, Inc., is a rapidly growin...

The Wallpaper Shop, Inc., is a rapidly growing chain of wallpaper shops that caters to the do-it-yourself home remodeling market. During the past year, 15 stores were operated in s

Monopoly pricing, 1. (classical monopoly pricing) A monopolist faces a dema...

1. (classical monopoly pricing) A monopolist faces a demand curve q (p) = 100   p: (a) If its cost function is C (q) = 2q; what is the optimal level of price and quantity? (b

Explain how are exchange rates determined, Question 1 ‘The consumer is ...

Question 1 ‘The consumer is always king in the market place'. Critically examine this statement, highlighting the existence of market imperfections. Question 2 (a) Dis

Explain about the long-run economic growth, Explain about the long-run econ...

Explain about the long-run economic growth. Long-Run Economic Growth: Secular or long-run growth is the continued upward trend into aggregate output per person over many

Scan factors., Assess the current environmental scan factors that are relev...

Assess the current environmental scan factors that are relevant to the decision making process. Determine the factors that will have the greatest impact on plant operations and man

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