Can someone please provide some assistance with these questions. It's for an MBA course. The maximum number of characters it can be is 60,000 for each question. They are worth a good part of my grade. There are three questions.... Explain the importance of sampling from a managerial perspective? Explain the central limit theorem..Why is it important in statistical analysis?
Explain how a confidence interval changes with changes in the level of confidence and sample size?
Thank you so much for all your help. I really appreciate it.
Explain the importance of sampling from a managerial perspective?
Sampling saves time and when done properly will reveal results that are equal to the entire population that needs to be reviewed or tested. It helps define the course of action, based on the sample used. The sample must be applicable to the population. For example, if one wanted to find out the most likely choice for fragrance by men, then the population would have to be men, people who buy for men, and men who wear fragrance. All other populations would be useless. For deciding the number of flaws per run of 1/8" bolts, then only 1/8" ...
Explanations of confidence intervals, central theorem, and sampling and how they relate to populations.