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

Test marketing, explain ththe test marketing approaches followed by fmcg co...

explain ththe test marketing approaches followed by fmcg companys

Calculate the weights for the long-term financing sources, Calculate the "w...

Calculate the "weights" for the long-term financing sources: Total Stockholder Equity, Long Term Debt, and Preferred Stock (if there is any of this).  Do this in two ways: (a

Economic principle, #questDuring the 1990s, technological advance reduced t...

#questDuring the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in ter

Economic analysis of projects, Economic analysis is done from the viewpoint...

Economic analysis is done from the viewpoint of society or economy as a whole. The evaluation is done from a wider angle not merely in financial terms. . In 1936, Flood Control Act

Asking process functionality to system under development, As selling is an ...

As selling is an ‘asking process’, how you could use this to assist you sell some further functionality to a system under development? When we use the buying cycle like a guide

Is ownership of change important for development, Is ownership of change im...

Is ownership of change important for development? Successful polices depend onto countries owning the process. When the economic reforms required for development are considere

Black-scholes model, Choose one stock from the New  York stock market which...

Choose one stock from the New  York stock market which has calls and puts available. Extract  the price change for each 3 month period over the last 12 months. Find the current yie

Historical perspective of corporate social responsibility, Question 1: ...

Question 1: The triple concepts-  globalisation, good governance and democracy-  have largely dominated international discourse since a long time.  (a) Briefly explain the ter

What is economic partnership agreement, Problem 1: "African Caribbean a...

Problem 1: "African Caribbean and Pacific (ACP) countries no longer have preferential access to the European market for their exports, except under provisions of „Special and D

Less developed countries economies grow by primary sector, Can less develop...

Can less developed countries economies grow by developing its primary sector as agriculture? Less developed countries economies can grow by developing its primary sector as ag

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