THIS IS A DISCUSSION POST ONLY!150 to 250 WordsThis video discusses sampling in the context of how estimates of population parameters are obtained. It refers to Video 1: What is an Average? where we obtained an “average of 1.89 feet per person.” It points out that applying this statistic depends on thinking through whom the population is meant to be, and that depends on the study question (i.e., “If you want to understand your answer, you really have to work out carefully what your question is.”).As the sample statistic was derived from a bunch of kids heading to the playground, plus a one-legged man who we asked to show up, we conclude that the sample was a bad one. We explain that random sampling is generally a good way of obtaining a representative sample such that you can be confident that the sample statistic is a good estimate of the population parameter.Respond to the following response below:Magazines often report surveys giving statistics such as “63% of women expect the man to pay on the first date.” Are these random samples? These surveys are most definitely not random – they are typically click-through from the magazine website – and so can provide an opportunity to discuss the sort of biases that can result from lack of random sampling.Video 3 Below:https://mediaplayer.pearsoncmg.com/assets/MsQQxcXFvHB_VZh1oA5V861T4AL2Cenj

Imagine if you were offered a job in a different state and a major consideration for you is rent prices (assuming you planned to rent instead of buy). Your main concerns are the affordability in relation to your income and the location/condition of the property. Perhaps you would look for the cheapest rent possible within a quiet, residential community. Or, you might be willing to spend at little more than average to live in the heart of downtown. As you research the city, you learn that the mean for rents of your preferred home size are $1,300 a month. Many people might base their decision on this number alone, but you—equipped with the knowledge of standard deviation—know there is more to that number.If the most you could afford is $1,100 a month in rent, then a standard deviation of $250 might be good news because the amount you can afford is still within 1 deviation of the mean. With a standard deviation of $75, however, you might be unwilling to make the sacrifices necessary to rent a place that you could afford. Additionally, if you were willing to spend a little more than average to live in a nice place or area, then you could easily find an amazing place with a standard deviation of $100 but might not be able to afford the upgrade with a standard deviation of $300.In this Discussion, you will use the data that you gathered in the Week 1 Discussion to calculate a standard deviation and explain how this concept can affect decision making.To prepare for this Discussion:Review this week’s Learning Resources.Locate the data that you gathered for the Week 1 Discussion.Calculate the sample standard deviation from your cigarette price data in Week 1. Use that (and your sample average and sample size) to calculate the following (assuming a normal distribution):Within what range would you find 90% of cigarette prices in your area?What are the chances that someone in your area would pay 4 dollars or less per pack?What are the chances that someone in your area would pay 10 dollars or less per pack?Review the Academic Writing Expectations for 2000/3000-Level Courses, provided in this week’s Learning Resources.BY DAY 3Post a 150- to 225-word (2- to 3-paragraph) explanation of how probability distributions affect management decisions. In your explanation, address the following:Provide your results of the following:Your calculations for your standard deviationThe range within which 90% of the prices of cigarettes in your area fallsThe chances of anyone paying less than 4 dollars for a pack of cigarettesThe chances of anyone paying more than 10 dollars for a pack of cigarettesDescribe what implications this concept has for management decision making.Explain how you might use information like this in your current work.To support your response, be sure to reference at least one properly cited scholarly source.Refer to the Week 3 Discussion Rubric for specific grading elements and criteria. Your Instructor will use this grading rubric to assess your work.Read some of your colleagues’ postings.BY DAY 5Respond with at least 75 words (1 paragraph) each to two or more of your colleagues’ postings by doing one of the following:Compare your results with your colleague’s results. If his or her results were very similar, combine your data and recalculate to get an estimate based on a larger sample. Explain what advantage this might have.Explain whether you agree or agree with your colleague’s ideas around statistics and management decisions. Did your peer miss any important points or raise any points you had not considered?