Random sampling is a random means of gathering data points from all groups. It eliminates bias within your data sets by using ...

In a simple random sample, each individual in the population has an equal probability of being chosen. Additionally, each sample of size n has an equal probability of being the chosen sample. This ...

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 ...

The usual practice in using a control chart to monitor a process is to take samples from the process with fixed sampling intervals. This article considers the properties of the X̄ chart when the ...

The method of simple random sampling (METHOD=SRS) selects units with equal probability and without replacement. Each possible sample of n different units out of N has the same probability of being ...

A standard cumulative sum (CUSUM) chart for controlling the process mean takes samples from the process at fixed-length sampling intervals and uses a control statistic based on a cumulative sum of ...