Business Statistics, Second Edition

Chapter 8

Sampling and Sampling Distributions

LEARNING OBJECTIVES

After studying this chapter, you should be able to

• distinguish between population parameter and sample statistics

• apply the Central Limit Theorem

• know various procedures of sampling that provide an attractive means of learning about a population or process.

• develop the concept of a sampling distribution that helps you understand the methods and underlaying thinking of statistical inference.

By a small sample we may judge of the whole piece.

 

—Cervantes

Nine times out of ten, in the arts as in life, there is actually no truth to be discovered; there is only error to be exposed.

 

—H. L. Mencken

8.1 INTRODUCTION

So far we introduced certain statistical methods (Chapters ...