Random Samples Are Used to Estimate Error in Statistical Sampling

question 5

Multiple Choice

Random samples are used to estimate error in statistical sampling distributions because

• A)of the systematic nature of random error
• B)of the probability that random error is less likely to occur
• C)of our ability to reproduce that type of error
• D)random samples cannot be used to estimate error because "random" means the error would be unknown

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Definitions:

Linear Trend Extrapolation

A forecasting method that uses past data points to predict future values by extending a straight line that best fits the data.

Forecasting Technique

A methodology or set of methods used to predict future aspects of a business or operation, such as sales, trends, or inventory requirements.

Marketing Information

Data collected, analyzed, and used by businesses to make informed decisions about market trends, customer behavior, and competitive strategies.

Secondary Data

Information that has been collected previously by others and is available for use in new research or analysis.