Stratified mean-per-unit sampling is a key tool used by auditors. The popularity of this statistical procedure arises from its unique ability to produce trustworthy ...

Randomly selected samples from a larger population prevent bias in statistical procedures while avoiding the hassle of dealing with the entire dataset. If you have a list of entries to pick from in ...

Knowing how to calculate relative and cumulative distribution in Excel can be useful in a variety of circumstances. It can be used in market analysis to sort a sample of people into age groups. It can ...

Example 1: The population from which samples are selected is {1,2,3,4,5,6}. This population has a mean of 3.5 and a standard deviation of 1.70783. The next display shows a histogram of the population.

Central Limit Theorem: A sampling distribution of the mean is approximately normally distributed if the sample size is sufficiently large. This is true no matter what the population distribution is.

Describe the abstract idea of a sampling distribution and how it reflects the sample to sample variability of a sample statistic or point estimate. Identify the ...