Central Limit Theorem: A sampling distribution of the mean is approximately normally distributed if the sample size is sufficiently large. This is true no matter what the population distribution is.
We have previously discussed the importance of estimating uncertainty in our measurements and incorporating it into data analysis 1. To know the extent to which we can generalize our observations, we ...
Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...
Example 1: The population from which samples are selected is {1,2,3,4,5,6}. This population has a mean of 3.5 and a standard deviation of 1.70783. The next display shows a histogram of the population.