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    QM Sampling SSEI

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    1) There are two branches of statistics: descriptive statistics and inferential statistics. In inferential statistics, population parameters are inferred based on sample statistics. 2) For estimating population mean (μ) and standard deviation (σ) based on sample mean (X) and standard deviation (S), point and interval estimates can be used. The Central Limit Theorem states that the sampling distribution of the mean approaches a normal distribution as the sample size increases. 3) The standard error is the standard deviation of the sampling distribution, and determines how close sample means are likely to be to the population mean. A lower standard error means sample means will be closer to the population mean.

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    QM Sampling SSEI

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    kk pp
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    1) There are two branches of statistics: descriptive statistics and inferential statistics. In inferential statistics, population parameters are inferred based on sample statistics. 2) For estimating population mean (μ) and standard deviation (σ) based on sample mean (X) and standard deviation (S), point and interval estimates can be used. The Central Limit Theorem states that the sampling distribution of the mean approaches a normal distribution as the sample size increases. 3) The standard error is the standard deviation of the sampling distribution, and determines how close sample means are likely to be to the population mean. A lower standard error means sample means will be closer to the population mean.

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    QM_Sampling_SSEI

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    QM_Sampling_SSEI

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    1) There are two branches of statistics: descriptive statistics and inferential statistics. In inferential statistics, population parameters are inferred based on sample statistics. 2) For estimating population mean (μ) and standard deviation (σ) based on sample mean (X) and standard deviation (S), point and interval estimates can be used. The Central Limit Theorem states that the sampling distribution of the mean approaches a normal distribution as the sample size increases. 3) The standard error is the standard deviation of the sampling distribution, and determines how close sample means are likely to be to the population mean. A lower standard error means sample means will be closer to the population mean.

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    28 views1 page

    QM Sampling SSEI

    Uploaded by

    kk pp
    1) There are two branches of statistics: descriptive statistics and inferential statistics. In inferential statistics, population parameters are inferred based on sample statistics. 2) For estimating population mean (μ) and standard deviation (σ) based on sample mean (X) and standard deviation (S), point and interval estimates can be used. The Central Limit Theorem states that the sampling distribution of the mean approaches a normal distribution as the sample size increases. 3) The standard error is the standard deviation of the sampling distribution, and determines how close sample means are likely to be to the population mean. A lower standard error means sample means will be closer to the population mean.

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    of 1

    SAMPLING DISTRIBUTION

    2 branches of statistics : FORMULA


    Descriptive statistics & σx = S/ √ or σ/√
    Inferential Statistics Whenever SD of averages is calculated, it would be lower because
    average kills volatility.
    In inferential statistics, we are inferencing population parameter Higher or larger the sample size, lower the standard error.
    based on sample statistic
    Statistic Parameter Logic for using Normal Distribution
    n N Central Limit Theorem (CLT) states that irrespective of population
    X µ distribution,sum or average of n no of independent and identically
    S σ distributed random nos approaches normal distribution with mean
    =µ& SD = σ/√
    For estimating µ& σ based on X & S, we can use either of the two
    estimation techniques:- For CLT, n should be sufficiently large & technically ≥ 30
    1. Point estimate
    Here; average income of population= average income of
    sample

    2.Interval estimate
    Suppose , we construct an interval around X with 75%
    confidence interval which comes out to be (9-2, 9+2)
    i.e. 7 lakh to 11 lakh.
    This 7 lakh to 11 lakh can be thought of as X± gap wherein,
    Gap= z σX
    X , Prob distribution – NORMAL

    NOTE NO 1:
    The variable here is X & each variable has a prob distribution

    NOTE NO 2:
    Xfollows normal distribution

    NOTE NO 3:
    Since random variable here is X; we are using SD of X.

    POPULATION S1
    X1,S1,n1
    N S2 X2 , S2, n2
    µ
    S3 X3 , S3, n3
    σx
    S4 X4 , S4, n4

    Sampling distribution
    E(X) =µ
    SD(X ) = σx .This is known as the STANDARD ERROR.
    The prob distribution of X is called population distribution,while
    the prob distribution of X is known as sampling distribution.

    σx is the population SD
    while S is the SD of a particular sample.SD of sampling distribution
    is σX is known as standard error.

    If standard error is low, all the possible Xs are close to each other.
    So, our X will be close to µ
    If standard error is high, all possible Xs are wide apart from each
    other so our X will be wide apart from µ.

    Page 54

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