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- https://biz.libretexts.org/Courses/Gettysburg_College/MGT_235%3A_Introductory_Business_Statistics_(2nd_edition)/01%3A_Sampling_and_Data/1.02%3A_Definitions_of_Statistics_Probability_and_Key_TermsThe idea of sampling is to select a portion (or subset) of the larger population and study that portion (the sample) to gain information about the population. For example, if we consider one math clas...The idea of sampling is to select a portion (or subset) of the larger population and study that portion (the sample) to gain information about the population. For example, if we consider one math class to be a sample of the population of all math classes, then the average number of points earned by students in that one math class at the end of the term is an example of a statistic.
- https://biz.libretexts.org/Courses/Gettysburg_College/MGT_235%3A_Introductory_Business_Statistics_(2nd_edition)/03%3A_Probability/3.02%3A_Probability_TerminologyTo calculate the probability of an event A when all outcomes in the sample space are equally likely, count the number of outcomes for event A and divide by the total number of outcomes in the sample s...To calculate the probability of an event A when all outcomes in the sample space are equally likely, count the number of outcomes for event A and divide by the total number of outcomes in the sample space.
- https://biz.libretexts.org/Workbench/MGT_235/03%3A_Probability_Topics/3.02%3A_Probability_TerminologyTo calculate the probability of an event A when all outcomes in the sample space are equally likely, count the number of outcomes for event A and divide by the total number of outcomes in the sample s...To calculate the probability of an event A when all outcomes in the sample space are equally likely, count the number of outcomes for event A and divide by the total number of outcomes in the sample space. This important characteristic of probability experiments is known as the law of large numbers which states that as the number of repetitions of an experiment is increased, the relative frequency obtained in the experiment tends to become closer and closer to the theoretical probability.
- https://biz.libretexts.org/Workbench/MGT_235/01%3A_Sampling_and_Data/1.02%3A_Definitions_of_Statistics_Probability_and_Key_TermsThe idea of sampling is to select a portion (or subset) of the larger population and study that portion (the sample) to gain information about the population. For example, if we consider one math clas...The idea of sampling is to select a portion (or subset) of the larger population and study that portion (the sample) to gain information about the population. For example, if we consider one math class to be a sample of the population of all math classes, then the average number of points earned by students in that one math class at the end of the term is an example of a statistic.