Exam 7: Sampling and Sampling Distributions

According to the central limit theorem,if a sample of size 100 is drawn from a population with a mean of 80,the mean of all sample means would equal _______.

The sampling distribution of the sample means is close to the normal distribution only if the distribution of the population is close to normal.

The two major categories of sampling methods are proportionate and disproportionate sampling.

The directory or map from which a sample is taken is called the census.

Albert Abbasi,VP of Operations at Ingleside International Bank,is evaluating the service level provided to walk-in customers.Accordingly,he plans a sample of waiting times for walk-in customers.If the population of waiting times has a mean of 15 minutes and a standard deviation of 4 minutes,the probability that Albert's sample of 64 will have a mean less than 15 minutes is ________.

Financial analyst Larry Potts needs a sample of 100 securities listed on the New York Stock Exchange.In the current issue of the Wall Street Journal,2,531 securities are listed in the "New York Exchange Composite Transactions," an alphabetical listing of all securities traded on the previous business day.Larry randomly selects the 7th security as a starting point,and selects every 25th security thereafter (7,32,57,etc.).His sample is a ____________.

In a random sampling technique,every unit of the population has a randomly varying chance or probability of being included in the sample.