Qmb 3200 Ucf Final Vocab Answered

QMB 3200 UCF FINAL VOCAB ANSWEREDParameter - ANS-A numerical characteristic of a population, such as a population mean µ, a population standard deviation σ, a population proportion p, and so on.Target population - ANS-The population for which statistical inferences such as point estimates are made. It is important for the target population to correspond as closely as possible to the sampled population.Sampled population - ANS-The population from which the sample is taken.Sampling distribution - ANS-A probability distribution consisting of all possible values of a sample statistic.Sample statistic - ANS-A sample characteristic, such as a sample mean bar(x), a sample standard deviation s, a sample proportion bar(p), and so on. The value of the sample statistic is used to estimate the value of the corresponding population parameter.Finite population correction factor - ANS-the term √((N-1)/(n-1)) that is used in the formulas for standard deviation of x bar and p bar whenever a finite population, rather than an infinite population, is being sampled. the generally expected rule of thumb is to ignore this when n/N ≤ .05Simple random sample - ANS-A simple random sample of size n from a finite population of size N is a sample selected such that