Sampling distribution: Applications in business analysis
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Sampling distribution: Applications in business analysis
Sampling distribution is a key concept in statistics that is used to understand the variability in a statistic across multiple samples. It is widely used in business analysis to help make decisions based on data. In this blog, we will discuss the applications of sampling distribution in business analysis.
First, let’s define what a sampling distribution is. A sampling distribution is the distribution of a statistic calculated from multiple samples taken from a population. For example, if we want to estimate the average salary of all employees in a company, we can take multiple random samples of employees and calculate the average salary for each sample. The distribution of these average salaries across all the samples is the sampling distribution of the mean salary.
One of the main applications of sampling distribution in business analysis is in hypothesis testing. Hypothesis testing is a statistical method used to determine whether a hypothesis about a population is true or not. It involves comparing a sample statistic to a hypothesized population parameter and calculating the probability of obtaining that sample statistic if the hypothesis is true.
Sampling distribution is critical in hypothesis testing because it helps us determine the probability of obtaining a sample statistic given the population parameter. We can use the central limit theorem to assume that the sampling distribution of the mean is approximately normal, regardless of the distribution of the population. This means that we can use the normal distribution to calculate the probability of obtaining a sample mean given a hypothesized population mean.
Another application of sampling distribution in business analysis is in estimation. Estimation involves using a sample statistic to estimate a population parameter. For example, if we want to estimate the average number of sales per day for a retail store, we can take a sample of sales data and use the average of the sample as an estimate of the population mean.
Sampling distribution is important in estimation because it helps us understand the precision of our estimate. The standard error of the sample mean is a measure of the variability of the sample means around the population mean. It tells us how much we can expect the sample mean to differ from the population mean. By calculating the standard error of the sample mean, we can determine the precision of our estimate and create confidence intervals around our estimate.
A third application of sampling distribution in business analysis is in quality control. In manufacturing, it is important to ensure that products are manufactured to a certain standard of quality. Sampling distribution can be used to monitor the quality of products by taking multiple samples of products and calculating the sample means of key quality indicators.
By tracking the sampling distribution of quality indicators over time, businesses can identify when the quality of the products is changing and take corrective action. For example, if the sampling distribution of a quality indicator becomes wider, it may indicate that the manufacturing process is becoming less consistent, and corrective action may be needed.
In addition to these applications, sampling distribution can also be used in market research. For example, businesses can use sampling distribution to estimate the proportion of customers who are interested in a new product. By taking multiple samples of customers and calculating the proportion of each sample who are interested in the product, businesses can create a sampling distribution of the proportion.
This sampling distribution can be used to estimate the proportion of all customers who are interested in the product and create confidence intervals around the estimate. This information can be used to make decisions about whether to invest in the development and launch of the new product.
Overall, sampling distribution is a critical concept in business analysis. It is used in hypothesis testing to determine the probability of obtaining a sample statistic given a population parameter, in estimation to understand the precision of our estimates, in quality control to monitor the consistency of manufacturing processes, and in market research to estimate the proportion of customers interested in a product. By understanding sampling distribution, businesses can make data-driven decisions that are grounded in statistical principles.
Sampling distribution: Applications in business analysis
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
|
|
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
|
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!! |
|
|
PLACE THE ORDER WITH US TODAY AND GET A PERFECT SCORE!!!