Sampling methods and confidence intervals are routinely used for ...

[stephzh]

Sampling methods and confidence intervals are routinely used for financial audits of large companies. Which of the following is an advantage of doing it this way, versus having a complete audit of all records?
 a. It is much cheaper.
  b. A sample can be done more carefully than a complete audit.
  c. A well-designed sampling audit may yield a more accurate estimate than a less carefully carried out complete audit or census.
  d. All of the above.

Question 2

Which of the following statements is true regarding a 95 confidence interval? Assume numerous large samples are taken from the population.
 a. In 95 of all samples, the sample proportion will fall within 2 standard deviations of the mean, which is the true proportion for the population.
  b. In 95 of all samples, the true proportion will fall within 2 standard deviations of the sample proportion.
  c. If we add and subtract 2 standard deviations to/from the sample proportion, in 95 of all cases we will have captured the true population proportion.
  d. All of the above.

[onowka]

Answer to Question 1

D

Answer to Question 2

D

[stephzh]

Both answers were spot on, thank you once again

[onowka]

Great! Please up vote