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Essay / Research Paper Abstract
This 8-page paper answers general questions about business statistics. Topics include different types of sampling, differences between a population parameter and sample statistic and central tendency averages. Bibliography lists 7 sources.
Page Count:
8 pages (~225 words per page)
File: D0_MTbizsta.rtf
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Unformatted sample text from the term paper:
In order to answer this question lets first define what is meant by a sample population and an entire population. By defining this,
well have a better idea of advantages to obtaining data value from a sample. Very simply, a population (also known as a
universe) is the entire collection of things that are under consideration (Thomas, 2000). A sample is a portion of the entire population that is selected for analysis (Thomas, 2000). The
assumption made about the sample is that it is a good representative of the entire population. Sometimes, if the population is small, it makes sense to gather data from the
population. But in most research scenarios, this is not the case. The reasons why it is more practical to obtain data from a sample are as follows.
1) The size is easier to handle. If the population consists of thousands or millions, collecting data from this many would be time-consuming both
in terms of data collection and analysis. Costs would also be prohibitive. 2) Better cross-section. Trying to get a representative section
of an entire population can be difficult. If a sample is structured in the right way, a cross-section of the population is easier to obtain, survey and analyze.
3) Analysis and conclusions are easier to perform and extrapolate. Assuming all things are equal, results of data from a sample can be extrapolated
to an entire population. "A population parameter is a single fixed value while sample statistics from the same population can vary." Discuss why this statement is true.
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