4th Qtr Stats Terms

• Population - all members of the group about which you want to draw a conclusion
• Sample - portion or part of a population of interest that is selected for analysis
• Sampling - process of selecting participants
• Random Sampling - all members of the population have equal probability of getting selected
• Simple Random - every element has same probability of getting selected, makes use of tools
• Slovin's Formula - used to find the minimum number of participants
• Systematic - every kth element is selected, has a random start
• Stratified - population is divided into strata, then samples are selected from each stratum
• Cluster - population is divided into clusters, only some are selected
• Parameter - measure that decribes a population
• Statistic - measure that describes a sample
• Point and Interval Estimation - estimation of a parameter using values of the statistic
• Point Estimation - statistical inference where we estimate the parameter using a single value
• Point Estimate - the value that we use to estimate the parameter
• Interval Estimation - also called confidence intervals
• Confidence Level - the probability that the confidence interval contains the true population parameter
• Level of Significance - the probability that the confidence interval does not contain the true population parameter
• Critical Value - indicates the point beyond, which lies the rejection region
• Rejection Region - area which does not contain the true population parameter
• Two Types of Sampling - Random and Non Random
• The result of the sample mean is affected by the presence of outliers