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distribution of sample distribution or sampling means a sample of size n is taken from the parent population and mean of the sample is estimated it
additional rule- rules of probabilityadditional rule is used to calculate the probability of two or more mutually exclusive events in such
types of distributionpopulation distributionthis refers to the distribution of the individual values of population this mean it is denoted by
the central limit theorem the theories was introduced by de moivre and according to it if we choose a large number of simple random samples says
judgment samplinghere the interviewer chooses whom to interview believing that their view is more fundamental because they might be directly affected
cluster samplingcluster sampling is where a few geographical regions for illustration a location village or town are selected at random and say every
multistage samplingmultistage sampling is similar to stratified sampling except division is done on geographicallocation basis for illustration a
systematic samplingsystematic sampling is a part of simple random sampling in descending or ascending orders in systematic sampling a sample is drawn
stratified samplingin stratified sampling case the population is divided into groups in such a way that units in each group are as same as possible
simple random samplingit refers to the sampling technique whether each and every item of the population is described an equal chance of being
a random or probability sampling methods they involve simple random sampling systematic sampling stratified sampling multi stage
determine the probabilityfrom a pack of playing cards what is the probability ofi picking either a diamond or a heart rarr mutually exclusiveii
calculate the probabilitya bag contains 80 balls of such 20 are red 25 are blue and 35 are white a ball is picked at random what is the
application of probability in business1 business games of chance for illustration raffles lotteries2 insurance firms this is generally done when a
marc goes to the store with exactly 1 in change he has at least one of each coin less than a half-dollar coin but he does not have a half-dollar
illustration of rank correlation coefficientsometimes numerical data such refers to the quantifiable variables may be described after which a rank
it refers to the ratio of the explained variation to the total variation and is utilized to measure the strength of the linear relationship the
the rank correlation coefficient ralso identified as the spearman rank correlation coefficient its reasons is to establish whether there is any form
interpretation of r - problems in interpreting r values a high value of r as 09 or - 09 only shows a strong association among the two variables but
spurious correlations- in several rare situations when plotting the data for x and y we may have a group indicating either positive correlation or
correlation and regressioncorrelationcorrelation is an important statistical concept which refers to association or interrelationship among
tests for an ideal index number1 factor reversal testfactor reversal test indicates that when the price index is multiplied along with a quantity
the geometric index or industrial share indexthe geometric index or industrial share index is an index of 30 selected top industrial companies this
the index of industrial productionthis is a quantity index compiled by the government this measures changes in the volume of production in main
the fishers indexthe index of fisher acts as a compromise between paasche index and laspeyres index this is calculated as a geometric mean of the two