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07.01.2015
As the level of confidence decreases, the size of the corresponding interval will decrease. In most practical research, the standard deviation for the population of interest is not known. In there are many key concepts and terms that are crucial for students to know and understand.
Often it can be hard to determine what the most important concepts and terms are, and even once you’ve identified them you still need to understand what they mean.
To help you learn and understand key terms and concepts, we’ve identified some of the most important ones and provided detailed definitions for them, written and compiled by Chegg experts.


In this technique, some error may occur but the magnitude of error tends to decrease as the number of samples increases.Work sampling is a sampling method and depends upon the laws of probability. A sample taken at random from a large population provides a good estimate of the distribution of the population. To make it clearer, let us consider the following example.A worker while working during his shift either does the job assigned to him or remains idle for one or the other reason.
The accuracy of result depends upon the number or observations and the limits of confidence level because the sampling procedure used involves certain degree of error.
The area under the curve at 2 sigma or two standard deviations is 95.45% which is rounded off gives 95% This indicates that the probability is 95% of the time the random, observations will be true or represents the fact and 5% of the time false or will not.


To obtain a desired accuracy level an analyst is required to take sufficient number of observations.




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