Estimation and Inference Flashcards
What is a “parameter”?
A descriptive measure computed from or used to describe a population of data, conventionally expressed by greek letters.
What is “probability sampling”?
A sampling plan that allows every member of the population to have an equal chance of being selected.
What is “non-probability sampling”?
A sampling plan dependent on factors other than probability considerations, such as a sampler’s judgement or the convenience to access data.
What is “Simple Random Sampling”?
The procedure of drawing a sample to satisfy the definition of simple random sample.
What is “Stratified Random Sampling”?
A procedure that first divides a population into subpopulations (strata) based on classification criteria and then randomly draws samples from each stratum in sizes proportional to that of each stratum in the population.
What is a “sampling plan”?
The set of rules (i.e., the plan) used to select a sample.
What is a “Simple Random Sample”?
A subset of a larger population created in such a way that each element of the population has an equal probability of being selected to the subset.
What is “Simple Random Sampling”?
The procedure of drawing a sample to satisfy the definition of a simple random sample.
What is “Systematic Sampling”?
A procedure of selecting every Kth member until reaching a sample of the desired size.
The sample that results from this procedure should be approximately random.
What is “Sampling Error”?
The difference between the observed value of a statistic and the estimate resulting from using subsets of the population.
What is the “Sampling Distribution”?
The distribution of all distinct possible values that a statistic can assume when computed from samples of the same size randomly drawn from the same population.
What is “Indexing”?
An investment strategy in which an investor constructs a portfolio to mirror the performance of a specified index.
What is “Cluster Sampling”?
A procedure that divides a population into subpopulations representative of the population and then randomly draws certain clusters to form a sample.
What is “Convenience Sampling”?
A procedure of selecting an element from a population on the basis of whether or not it is accessible to a researcher or how easy it is for a researcher to access the element.
What is “Judgmental Sampling”?
A procedure of selectively handpicking elements from the population based on a researcher’s knowledge and professional judgement.
