Statistical Sampling

From Wikipedia, the free on-line, encyclopedia, we have this:

Sampling is that part of statistical practice concerned with the selection of individual observations intended to yield some knowledge about a population of concern, especially for the purposes of statistical inference. Each observation measures one or more properties (weight, location, etc.) of an observable entity enumerated to distinguish objects or individuals. Survey weights often need to be applied to the data to adjust for the sample design. Results from probability theory and statistical theory are employed to guide practice.

Entrepreneurs have to be knowledgeable about statistical sampling so they can evaluate statistical studies about their market or their industry. Also, if entrepreneurs are thinking of designing a study to find out some information or other about their market, then they're going to have to know about sampling.

There are dozens of ways to sample, so consult a professional. If you're interested in sampling, you should look at the whole Wikipedia article and follow the links and references. Also, post a comment on this blog.

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