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Business Stats Paper

In: Business and Management

Submitted By chap042
Words 874
Pages 4
BSAD 221 01
Alexander Lewis
NHL Team Salary
Cinco de Mayo 2015
Morrisville State College
Professor Boyce

Part 1
Data Represented By a Population
A population is all the subjects that you want to study. It takes every part of a category that is going to be studied and makes it a known hole. The population for this project would be Forward Cap, Defense Cap, Goaltender Cap, Total Cap, and Cap Space.
Data Represented By a Sample
A data sample is a set of data collected or selected from a statistical population by a defined procedure.
Data Collection Methods (Non-Probability or Probability-based)
The difference between Non-Probability and Probability-Based sampling is that Non-Probability uses or involves a random selection where the Probability-Based method does not. This means that Non-Probability samples can’t depend on the rationale of the probability theory.
Using a Probability (Based Method)
To make sure the sample I collected is Probability-Based, I used a Stratified Random Sampling. In a Stratified Random Sampling, you divide the elements of the population into smaller groups called strata. This will be used in my dataset where I will gather the different team into different strata.

Part 2 1. The set of data that I chose for this project includes 30 observations and 6 quantitative variables. The data includes 30 measurements of the NHL team’s salary. The detailed salary per team was measured by Spotrac. The variables in the data set are Forward Salary, Defense Salary, Goaltender Salary, Total Salary, and Cap Space. The data was collected from (Spotrac, 2015) 2. I performed the statistical analysis on each quantitative variable to gather the most accurate information possible. 3. The information collected for the statistical analysis will show information that will be helpful to compare the quantitative variables. The statistical...

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