Business Statistics Exam 4 Terms Flashcards
A continuous probability distribution for which the probability that the random variable will assume a value in any interval is the same for each interval of equal length
Uniform Probability Distribution
A continuous probability distribution. Its probability density function is bell-shaped and determined by its mean and standard deviation
Normal Probability Distribution
A normal distribution with a mean of zero and a standard deviation of one
Standard Normal Probability Distribution
A continuous probability distribution that is useful in computing probabilities for the time it takes to complete a task
Exponential Probability Distribution
A function used to compute probabilities for a continuous random. The area under the graph of a probability density function over an interval represents probability
Probability Density Function
A numerical characteristic of a population, such as a population mean, a population standard deviation, a population proportion, and so on
Parameter
A sample characteristic, such as a sample mean, a sample standard deviation, a sample proportion, and so on
Sample Statistic
The value of a sample statistic used in a particular instance as an estimate of a population parameter
Point Estimate
A property of a point estimator that is present when the expected value of the point estimator is equal to the population parameter it estimates
Unbiased
The population for which statistical inferences such as point estimates are made
Target Population
A property of a point estimator that is present whenever larger sample sizes tend to provide point estimates closer to the population parameter
Consistency
Given two unbiased point estimators of the same population parameter, the point estimator with the smaller standard error is more efficient
Relative Efficiency
The population from which the sample is taken
Sampled Population
Once an element has been included in the sample, it is returned to the population. A previously selected element can be selected again and therefore may appear in the sample more than once
Sampling with Replacement
Once an element has been included in the sample, it is removed from the population and cannot be selected a second time
Sampling without Replacement
A sample of size n from a finite population of size N is selected such that each possible sample of size n has the same probability of being selected
Simple Random Sample
A probability sampling method in which the population is first divided into strata and a simple random sample is then taken from each stratum
Stratified Random Sampling
A probability sampling method in which we randomly select one of the first k elements and then select every kth element thereafter
Systematic Sampling
A probability sampling method in which the population is first divided into clusters and then a simple random sample of the clusters is taken
Cluster Sampling
A nonprobability method of sampling whereby elements are selected for the sample on the basis of ease of collection
Convenience Sampling
A nonprobability method of sampling whereby elements are selected for the sample based on the expertise of the person doing the study
Judgment Sampling
A probability distribution consisting of all possible values of a sample statistic
Sampling Distribution
The standard deviation of a point estimator
Standard Error
The term that is used in the formulas for and whenever a finite population, rather than an infinite population, is being sampled
Finite Population Correction Factor
A theorem that enables one to use the normal probability distribution to approximate the sampling distribution of the sample mean whenever the sample is large
Central Limit Theorem
