QMS 102 Study Guide - Final Guide: Central Limit Theorem, Sampling Distribution, Standard Deviation

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: Jason Chin- Tiong Chan

Document Summary

Sampling: select a portion of the population that is most representative of the population, provide sufficient information so that conclusions (inferences) can be drawn about the characteristics of the population. Reasons for sampling: to contact the whole population would often be time consuming, the cost of studying all the items in a population may be prohibitive, some tests could be destructive in nature. If the wine tasters in niagara-on-the lake drank all the wine to evaluate the vintage, they would consume the entire crop, and none would be available for sale: the sample results are adequate. Example: the federal government uses a sample of grocery stores scattered throughout canada to determine the monthly index of food prices. The prices of bread, milk and other major food items are included in the index. Sampling distribution of the mean: the distribution of all possible sample means. The value of the standard deviation of all possible sample means s.