MKT 500 Study Guide - Final Guide: Sampling Distribution, Weighted Arithmetic Mean, Guesstimate

• School: Ryerson University
• Department: Marketing
• Course: MKT 500
• Professor: Julie Kellershohn

Document Summary

9-2 reasons for taking a sample: taking a census is more expensive than taking a sample, collecting and analyzing data from a census would take too long. 9-3 probability versus nonprobability sampling methods: probability samples: members of population have a known chance (probability) of being selected into the sample. Method determines chances of a sample unit being selected into the sample: nonprobability samples: chances of selecting members from population into sample are unknown. 9-4 probability sample methods: simple random sampling: probability of being selected into sample is equal for all members of population. Probability of selection = sample size/population size. Random device method: using an apparatus or procedure to ensure that every member of population has the same chance of being selected into the sample i. e. , doing a blind draw. Random numbers method: computer-generated numbers whose chance nature is assured.