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Estimation and Inference

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11 views7 pages

Estimation and Inference

CFA level 1

Uploaded by

salonisanghavii
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Quantative Methods

Estimation and
Inference
Sample - subset of the population.

Sampling - process of obtaining a sample from


the population.

Parameter: A measure that describes a whole


population.

Sample Statistic: A measure that describes a


sample drawn from a population.

Benefits of Sampling:

1.Saves time and resources.

2.Economically efficient, as testing every

3.Individual in a population is often impractical.


Types of Sampling
Methods:
1. Probability Sampling:
Provides equal chance to all population members.

Representative of the population.

For example,
Simple random sampling, Stratified random
sampling

2. Non-Probability Sampling:
Selection depends on factors other than probability.

Non-representative of the population.


Probability sampling is more accurate and reliable.
Probability Sampling
Simple Random Sampling

•Every possible sample of a given size has an equal


chance of selection.

•Systematic sampling - selecting individuals at


equal intervals from a lo list to form a sample of a
desired size.

•Can use a random number table for selection.

•Prone to sampling error.

Stratified Random Sampling


• Population is divided into homogeneous subgroups

• Samples are drawn proportionally from each


subgroup.

• More precise than simple random sampling but


only approximately random.
Cluster Sampling
•Population is divided into clusters; some clusters
are chosen randomly to form a sample.

• Less accurate but more time and cost-efficient


compared to stratified sampling.

•Advantages: Time and cost-efficient.

•Disadvantages: Lower accuracy as a sample may


not fully represent the entire population.

a. One-stage: All members of chosen clusters are


selected.

b.Two-stage: Subsamples are randomly selected


from chosen clusters.

Non-Probability
Sampling
Depends on researcher's capabilities.

Two types: Convenience and Judgmental


Sampling.

a.Convenience: Selection based on accessibility.

b. Judgmental: Elements picked based on


researcher's knowledge.

• Advantages and disadvantages of.

•Convenience: cost & time efficient but limited


level of sample accuracy.

•Judgmental: researchers may select a more


accurate representative sample, but sample may
not represent the entire population

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