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Statistical Techniques in Business and Economics 15e Chap008

# Statistical Techniques in Business and Economics 15e Chap008

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03/06/2013

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Sampling Methods andSampling Methods andthe Central Limit Theoremthe Central Limit Theorem
Chapter 8

Learning Objectives
LO1
Explain why a sample is often the only feasibleway to learn something about a population.
LO2
Describe methods to select a sample.
LO3
Define sampling error.
LO4
Describe the sampling distribution of the samplemean.
LO5
Explain the central limit theorem.
LO6
Define the standard error of the mean.
LO7
Apply the central limit theorem to find probabilitiesof selecting possible sample means from aspecified population.
8-2

Why
Sample t
h
e Population?
1
.
To contact the whole population would be
timeconsuming
.
2.
The
cost
of studying all the items in a population
ma
y
be pro
h
ibitive
.
3.
The
p
hy
sical impossibilit
y

of checking all items inthe population.
4.
The
destructive nature
of some tests.
5.
The
sample results
are
.
LO1
Explain why a sample is often the only feasibleway to learn something about a population
8-3