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Business Statistics

This Homework Solution provides an in-depth look into business statistics and their applications.

Aiden Campbell
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Name:____________________________________________Chapters 8 & 91| PageBusiness StatisticsChapters 8 & 91.When all the items in a population have an equal chance of being selected for a sample,the process is called ________________________.Answer: Random Sampling2.What is the difference between a sample mean and the population mean called?Answer:Sampling Error3.Suppose we select every fifth invoice in a file. What type of sampling is this?Answer:Systematic Sampling4.All possible samples of size n are selected from a population and the mean of eachsample is determined. What is the mean of the sample means?Answer:The mean of the sample means is equal to the population mean.5.When dividing a population into subgroups so that a random sample from each subgroupcan be collected, what type of sampling is used?Answer:Stratified Random Sampling6.As the size of the sample increases, what happens to the shape of the distribution ofsample means?Answer:Approaches normal distribution7.Manufacturers were subdivided into groups by volume of sales. Those with more than$100 million in sales were classified as large; those from $50 to $100 million as mediumsize; and those between $25 and $50 million..., and so on. Samples were then selectedfrom each of these groups. What is this type of sampling called?Answer:Cluster Sampling

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Statistics

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