BAN 280: Data Analysis and Decision Making
coefficient of variation - correct answer ✔✔standard deviation/mean
Used to compare distributions on different scales
Empirical Rule - correct answer ✔✔68% within 1 SD
95% within 2 SD
99.7% within 3 SD
Sampling Error - correct answer ✔✔difference between sample and population mean
Margin of Error - correct answer ✔✔Number you add or subtract (depends on confidence level)
"the more confident you want to be... - correct answer ✔✔widen the range"
What if I want to be more confident? - correct answer ✔✔take less risk and bigger range
Increase sample size to... - correct answer ✔✔become more confident
If I increase confidence level... - correct answer ✔✔Std error of mean doesnt change
Critical value increases
MOE increases
confidence level is wider
In a random sample, the closer the mean is to the population mean... - correct answer ✔✔the smaller
the sampling error
the sampling distribution of the sample mean is - correct answer ✔✔a distribution of all sample means
of a fixed sample size from a population
coefficient of variation - correct answer ✔✔standard deviation/mean
Used to compare distributions on different scales
Empirical Rule - correct answer ✔✔68% within 1 SD
95% within 2 SD
99.7% within 3 SD
Sampling Error - correct answer ✔✔difference between sample and population mean
Margin of Error - correct answer ✔✔Number you add or subtract (depends on confidence level)
"the more confident you want to be... - correct answer ✔✔widen the range"
What if I want to be more confident? - correct answer ✔✔take less risk and bigger range
Increase sample size to... - correct answer ✔✔become more confident
If I increase confidence level... - correct answer ✔✔Std error of mean doesnt change
Critical value increases
MOE increases
confidence level is wider
In a random sample, the closer the mean is to the population mean... - correct answer ✔✔the smaller
the sampling error
the sampling distribution of the sample mean is - correct answer ✔✔a distribution of all sample means
of a fixed sample size from a population
