Assignment: Overview analysis:
1. Please read of Statistical Techniques in Business & Economics. Then, provide an overview and analysis of the materials read in this chapter in 100 to 150 words by replying to this message.
2. Sampling is down for many reasons. To reduce the amount of people in the test population becasue it's impossible to test them all, to reduce to cost of testing and analysing, to reduce inadequate results and to protect the product or subject being tested.
Different sampling methods are used. Simple random sampling consists of giving each person in the population an equal opportunity to be included in the selection process. Systemic random sampling is for studies that cannot be so precise. The selections are based off of criteria of the test rather than the population. People are chosen based off of established criteria. Stratified random sampling is for populations that contain several groups. With this method, the testing sample needs to make sure atleast one person from each group is selected so the groups are identified before sampling. Finally the cluster sampling is done to reduce cost in large geographical areas. The cluster method takes geographical concepts and samples from each cluster created.
3. In my field, we use sampling on a quarterly basis. What we use these sampling is during each quarter we run different topics to conduct a partial study on these main important aspects of financial planning. These samples are more so like a survey to see in what different areas surrounding a certain mile radius on these subjects such as early retirement within a area or life expectancy in these areas to understand what is needed the most and why. We also use sampling to conduct ways to possibly placing a location where it would be most used ans of course profitable. I believe sampling is a huge asset to utilize in today business economy but of course we have technology that allows people to sample just by a few questions on their smart phone or tablet. We must all use sampling and surveying either daily, quarterly or monthly.