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

What is foreign debt management, What is Foreign Debt Management? Debt...

What is Foreign Debt Management? Debt management considers as to the arrangements made to: • Protected the suitable amount of borrowing to deliver growth • Ignore excess

Calculate the npv and irr, You are evaluating a project in the country of E...

You are evaluating a project in the country of Expropriationstan. You estimate end-of-year cash flows as follows. Assume your discount rate for evaluating projects of this sort in

Railways economics, AsEvaluate the implications of implementing this ideal ...

AsEvaluate the implications of implementing this ideal product mix in Transnet Freight Rail.

Status of the economy and gdp , • Although the country produced several typ...

• Although the country produced several types of commodities (goods and services) in the year 2002, but this country's Central Statistics Office has grouped such commodities into f

Forecasting Homework help, Hello, My name is Lis ... I have a homework ass...

Hello, My name is Lis ... I have a homework assignment that is due and the latest it can be submitted is on Saturday May 4th. Please let me know how much it would cost and if it''

Effectiveness of market approaches in promotion development, Analyse the ef...

Analyse the effectiveness of market approaches into promoting development. Assessing the effectiveness of some system, planned, market or mixed depends onto the choice of displ

Implementation issues - infrastructure, IMPLEMENTATION ISSUES: Infrast...

IMPLEMENTATION ISSUES: Infrastructure sector, especially economic infrastructure, projects are facing a variety of problems, which are to be addressed in order to realise the

Abaca, What is the current economic status of abaca farming?

What is the current economic status of abaca farming?

Theories of absolute and comparative advantage of trade, Question 1: (a...

Question 1: (a) Clearly distinguish between the theories of Absolute and Comparative advantage of trade. (b) According to you, can the ‘Factor Endowment Theory' be a reaso

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