Karteikarten
Mgmt Science Session 4
Karten in diesem Stapel (20)
- 1How should I think of a sample average?A sample average is a single observation from a DGP
- 2What is the sample distribution of the mean?the distribution of a resampled DGP
- 3What is the central limit theorem?x
- 4How is the standard error of the mean calculated on excel?excel formula = stdev(sample) / sqrt(N)
- 5What does the standard error of the mean measure?The standard error (or, better, the standard error of the mean) is the measure of precision of the sample average
- 6How to calculate margin of error?let's say range is 1 to 5 with mean of 3.
margin of error = (5-3 divided by 3) * 100% - 7When one is quoted a Confidence Interval, what should be the natural next question 1 should ask oneself?What is the DGP that it relates to?
- 8How does one calculate an x% confidence interval on excel?
- 9What is the difference b/w the sample standard deviation and the standard error?The sample standard deviation is a measure of the variability of your sample
& used as an estimate of the unknown standard deviation in the population The standard error is =stdev(data)/sqrt(N) and is a measure of variability of the sample average across many randomly drawn samples of size N. Both are standard deviations but of different DGPs! - 10How to calculate sample size when margin of error is fixed?xxxx
- 11If P=average(data) of 0/1 data, then the standard error is
- 12What is the normal rule of thumb for proportions?CLT applies if N>30
The sample is large enough if N x P >10 and N (1-P)>10 - 13If the calculated lower CI limit is negative or the upper CI limit is larger than 1 thenN is not large enough for the CLT to apply
- 14How do we define precision in management science?How consistent is the measurement
- 15How is precision measured? What does precision NOT measure?standard error of the estimate
Doesn't measure how close the estimate is to the unknown mean; only how close repeated estimates will be to one-another - 16How is accuracy defined in the context of Management Science?
- 17How to calculate Standard Error for Proportions?
- 18What is the rule of thumb for proportions?The sample is large enough if* N*P>10 and N*(1-P)>10
- 19Which is more important? Accuracy or precision?Accuracy is more important than precision
- 20How does statistical bias occur?Statistical bias occurs when conclusions are based on unrepresentative, i.e. non- random samples
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- University Management Science Karteikarten am Mgmt Science Session 4, erstellt von Georgia Tan am 04/10/2015.
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