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#reading-8-statistical-concepts-and-market-returns

Inferential statistics generally require that sampling be random although some types of sampling (such as those used in voter polling) seek to make the sample as representative of the population as possible by choosing a sample that resembles the population on most important characteristics.

A typical statistical procedure:

  • Define the population and identify the parameter(s) of interest.
  • Draw a sample from the population.
  • Determine the corresponding statistic(s) of the sample and use it (or them) to estimate the parameter(s) of the population.
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Subject 1. The Nature of Statistics
13; Hint: One way to easily remember these terms is to recall that "population" and "parameter" both start with a "p," and "sample" and "statistic" both start with a "s." <span>Inferential statistics generally require that sampling be random although some types of sampling (such as those used in voter polling) seek to make the sample as representative of the population as possible by choosing a sample that resembles the population on most important characteristics. A typical statistical procedure: Define the population and identify the parameter(s) of interest. Draw a sample from the population. Determine the corresponding statistic(s) of the sample and use it (or them) to estimate the parameter(s) of the population. <span><body><html>


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