EC255 Chapter Notes - Chapter 7: Selection Bias, Central Limit Theorem, Statistical Parameter
Document Summary
Ec255 chapter 7 textbook: sampling and sampling distributions. Means of gathering useful information about a population. Data gathered from samples and conclusions are drawn about population as part of the inferential statistics process. Decision dilemma: random sample of workers could be taken from a wide selection of companies in several industries in many of the key border cities. A sample provides a reasonable means for gathering such useful decision-making information, which might be otherwise attainable and unaffordable. Census: study of all units of the population and interest. Sample: study of only a portion of that population. Advantage of taking a sample instead of conducting a census: Sample can broaden scope of the study. Research products are destructive = sample can save product. If accessing the population is impossible, sample is only option. Preferable to conduct a census of entire population rather than taking a sample providing there"s adequate time and money:
