UCF FINAL QMB 3200 STACEY BROOK -
Only Ch 17-10 &14 QUESTIONS AND
ANSWERS
Sampling from a finite population: -
correct answer ✅choosing a simple
random sample of size n from a finite population of
size N where each possible sample of size n has the
same probability of being selected.
1. Assign a random number to each element of the
population.
2. Select the n elements corresponding to the n
smallest random numbers.
Sampling from an infinite population: -
correct answer ✅A random sample of size n form an infinite
population is a sample selected meeting the
following:
1. Each element comes from the same population;
2. Each element is selected independently.
,UCF FINAL QMB 3200 STACEY BROOK -
Only Ch 17-10 &14 QUESTIONS AND
ANSWERS
How would we take a finite random sample in excel? -
correct answer ✅Use the formula =rand() which will assign a
random number between 0 and 1 for each data point, then copy
and paste the random number column (this is to ensure that the
random numbers don't change when you move it around- paste as
values, not a formula) then sort the data by smallest to largest of
the random number values then select the smallest numbers- for
example, if the sample is 30- from the top down select thirty data
points.
When you sort the data make sure if your data has headers to
check the box indicating this before you sort.
Point Estimation -
correct answer ✅calculate the mean, standard deviation and
proportion. The resulting values are point estimators
for each.
So if we had a mean of 6- the point estimate would be 6 and the
estimator would be the mean. Same if we were to use standard
deviation or proportion- (which is how many out of a certain
, UCF FINAL QMB 3200 STACEY BROOK -
Only Ch 17-10 &14 QUESTIONS AND
ANSWERS
number of data do a certain act.)- for example 6/100 people drink
tea so 6% is our proportion.
Variable used to describe proportion -
correct answer ✅P for population proportion
p(bar)- for sample proportion
Sampling distribution -
correct answer ✅a distribution of statistics obtained by selecting
all the possible samples of a specific size from a population
The Sampling Distribution of ̅ 𝑥 is the probability
distribution of all possible values of the sample mean
( ̅ 𝑥).
Standard Deviation of ̅ 𝑥 is denoted as 𝜎 𝑥
̅ ; and its
value depends on whether the population is finite or
infinite.
Only Ch 17-10 &14 QUESTIONS AND
ANSWERS
Sampling from a finite population: -
correct answer ✅choosing a simple
random sample of size n from a finite population of
size N where each possible sample of size n has the
same probability of being selected.
1. Assign a random number to each element of the
population.
2. Select the n elements corresponding to the n
smallest random numbers.
Sampling from an infinite population: -
correct answer ✅A random sample of size n form an infinite
population is a sample selected meeting the
following:
1. Each element comes from the same population;
2. Each element is selected independently.
,UCF FINAL QMB 3200 STACEY BROOK -
Only Ch 17-10 &14 QUESTIONS AND
ANSWERS
How would we take a finite random sample in excel? -
correct answer ✅Use the formula =rand() which will assign a
random number between 0 and 1 for each data point, then copy
and paste the random number column (this is to ensure that the
random numbers don't change when you move it around- paste as
values, not a formula) then sort the data by smallest to largest of
the random number values then select the smallest numbers- for
example, if the sample is 30- from the top down select thirty data
points.
When you sort the data make sure if your data has headers to
check the box indicating this before you sort.
Point Estimation -
correct answer ✅calculate the mean, standard deviation and
proportion. The resulting values are point estimators
for each.
So if we had a mean of 6- the point estimate would be 6 and the
estimator would be the mean. Same if we were to use standard
deviation or proportion- (which is how many out of a certain
, UCF FINAL QMB 3200 STACEY BROOK -
Only Ch 17-10 &14 QUESTIONS AND
ANSWERS
number of data do a certain act.)- for example 6/100 people drink
tea so 6% is our proportion.
Variable used to describe proportion -
correct answer ✅P for population proportion
p(bar)- for sample proportion
Sampling distribution -
correct answer ✅a distribution of statistics obtained by selecting
all the possible samples of a specific size from a population
The Sampling Distribution of ̅ 𝑥 is the probability
distribution of all possible values of the sample mean
( ̅ 𝑥).
Standard Deviation of ̅ 𝑥 is denoted as 𝜎 𝑥
̅ ; and its
value depends on whether the population is finite or
infinite.
