Compose a script for your presentation in the notes section of your Miorosoft Po

Question

Compose a script for your presentation in the notes section of your Miorosoft PowerPoint slides or in a Microsoft Word documentusing Prez. Format any references and citations consistent with APguidelines. Submit your Microsoft PowerPoint Presentation, or a Miorosoft Word document with your script and a link to your Prezi, by clicking the Add Subinission button. Woek 7 Read Ch. 14 of Elementary Statistics. Read Ethical Guidelines for Statistical Practice, from the American Statistical Association Read the following from Changing Minds.org: .Simple random sampling Stratified sampling .Systematic sampling Discussion Question 1 What three sampling techniques do you see as most useful in your chosen career? Why? -banlimane Discussion Question 2 Cluster sampling In what ways could someone unscrupulously bias a sample population to positively affect their business? oodle.averett.edu/pluginfile php/6673 66/madresource..6/BSA%20308, arss%20anline%20Fans202017,09-Da. 201teoe doc 9/24/17, 10:23 PM Page 9 of 13

Explanation / Answer

1. We need to answer which are the most useful sampling techniques for banking and finance sector.  

i. Simple random sampling is a method used to cull a smaller sample size from a larger population and use it to research and make generalizations about the larger group. This is an useful sampling technique because usually due to the large and diversified nature in the banking and financial sector, the samlpe size is usually large.

ii. In stratified sampling, the whole population is divided into a set of smaller non-overlapping sub-groups, and then a simple random sampling is carried out in each group. This could be useful when the study involves large groups of people from different sub-classes, like different age groups, or different salary bands. Then while taking the sample to study a phenomenon like financial literacy, or need for loans, etc, random samples can be selected from each of the sub-groups (strata).

Most financial analysts prefer to use probability sampling methods because only probability methods can reliably produce results that are representative of the population body. The two most common probability sampling methods are simple random sampling and stratified random sampling.

iii. In systematic sampling, the whole population size is divided by the sample size to obtain interval k. Then the population is arranged in a sequential order, ensuring the attribute being studied in randomly distributed. Then every k-th item is selected for sample, starting with a random item x, between 1 and k.

This can be useful for example, when studying a particular parameter for companies, let's say, studying profitability or EBITDA of companies, and then we can arrange the companies in a sequence by their turnover and select samples as mentioned above.

2. Bias is the tendency of a statistic to overestimate or underestimate a parameter. Bias can result for various reasons including sampling or measurement errors, or unrepresentative samples.

i. Sampling error is the tendency for a statistic not to exactly match the population. Error doesn’t necessarily mean that a mistake was made in your sampling; Sampling Variability could be a more accurate name.

ii.

Measurement errors are where a provided response is different from the real value. For example, you might survey to find out if a person voted for President Obama. A person may have voted for him, but they are confused by the wording of the questionnaire and mistakenly respond that they did not vote for him. Several factors may cause measurement error, including:

iii. Unrepresentative samples: A statistic is representative if it represents the attributes of a known parameter in the population. When the statistic does not represent the population parameter, it is called unrepresentative. The type of bias that occurs in statistics when there is an unrepresentative sample is called selection bias.

The above are mainly taken from the link http://www.statisticshowto.com/what-is-bias/

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