Business Ethics and Law - 2372 Words

Business Law Scenario 1: Falsifying a Resume (Ethics and Law -- Chapter 2) Peter Crist is almost always correct. The reality is that if someone lies or covers stuff up, most of the time they will be found out eventually be it in two days or in 20 years. However, the reality is that some people do lie and cover stuff up in professional and personal situations and are never exposed. Sometimes this is because theyre in a situation where dishonesty is prized, other times its because the people around them turn a blind eye to what they see because they dont want to know the truth. Other times, its because the person engaging in the dishonesty is so crafty and so quick that the trickery and subterfuge is almost inscrutable. However, the fact remains that Crist is correct. Often people are found out because those who are engaging in the trickery have so much hubris and so much arrogance that they engage in bolder and bolder moves, believing that they will never be caught. One example of that from the recent past is of Bernie Madoff. His crime was a simple Ponzi sc heme which grew larger and larger in size and scale to the point where he couldnt help but be found out. In this case, the fact that Ms. Jones was found out was somewhat expected: she advanced to such a position of power within the institution that she was almost one of their public figures, which meant that her credentials would be under greater scrutiny. The reason that people falsify their resumes is partly forShow MoreRelatedBusiness Law Ethics716 Words   |  3 Pagesproject and how it will reduce the value of the neighborhood homes, including Owen’s. But, he also knows that he is obligated to keep this information confidential until the company decides otherwise. Luke is having a conflict because of his moral ethics. Having the knowledge that when the adult entertainment store gets built his brother’s plans of making a bigger profit off the sale of his house may not happen. 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Personal Statement Family Dynamics - 1510 Words

There are 7 billion individuals in this world and all of them are unique because they are different. Everyone has different opinions, traits, perspectives, morals, rules, and stories, so where do they contrive these differences? I assume they formulate their ideas from personal experiences and how they were raised by their parents. Famous writer and professor, Alice McDermott shares that â€Å"Family dynamics are true over time, across generations and different cultures.† From this, we can gather that our sense of what is right and what is wrong does not just solely come from our parents, but from generations in our families. I believe that an individual’s Moral Absolute will be quite similar to their parents. In my case, I formulate my moral absolute’s from my parents. These moral absolutes include: not to steal, not to strike a woman, and not to cheat. I am very thankful for growing up in a religious, hardworking home with a family that means the world to me. I believe that I was influenced to be the man I am today by my parents, and sisters. I never want to dishonor my family, and I believe that if I were to steal, I would be dishonoring my family. 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Financial Statement Analysis Of Myer Holdings - Myassignmenthelp.Com

Question: Discuss about theFinancial Statement Analysis of Myer Holdings. Answer: Introduction Myer is an Australia company established in 1900. It is the largest Australian departmental store with over 60 stores operating across Australia. Basically, Myer Holding is the public limited company which is ranked in number 131 out of 2000 top organisations in Australia (Myer Holdings Ltd 2013). Its chief executive officer is Richard Umbers while its chairman is Paul McClintock who is also referred to non-executive chairman. The company usually generates most of its revenue from departmental stores in the Australian industry. Basically, Myer Holdings engages in numerous operations of departmental stores across Australia. In essence, Myer offers a wide range of products ranging from mens wear, home wares, youth wear, furniture, footwear, childrens wear, electrical goods, general merchandise, womens wear, toys, handbags, beauty as well as cosmetic products (Myer Holdings Ltd 2016). In addition, Myer offer some retail customer loyalty programs. Myer operates around 67 stores under its brand name Myer Holdings Limited. It has stores across six Australian states and Australian Capital Territory. In essence, it locations comprise a mixture of key suburban shopping centres, city stores, and as well as shopping centres in the regional New South Wales, Tasmania, Victoria and Queensland. The company operates under retail sector and like other retail companies; this companys shares have been affected greatly during the mass exodus of the investors from retail sector. In the financial year 2016, it generated a total of $2.8 billion in revenue with a total of 12,500 employees across Australia (Myer Holdings Ltd 2016). Further, its share price is now down with 36% since the beginning of this year. Its independent auditor is PwC which ensure that the companys financial statements are audited compliant with the Australian Auditing Standards (Myer Holdings Ltd 2010). According to the auditor Myers financial statements are in accordance with Corporations Act of the year 2001 including abiding by the Australian Accounting Standards, providing a true and fair outlook of its financial status in 2016. Industry Situation and Myer Plans Australian retailing industry has increased by around 3% in the current value in 2016 which is in consistence with growth observed during the previous year. Further, the industry experience high competition with subdivision firms struggling to compete against cheap online stores. Despite the comparison with global retail industry, Australian retail industry is a significant and large part of Australian retail economy. Further, in Australian retail industry, foreign retailing firms are strongly represented with retailing firms such as Gap, Apple and Fossil capitalizing on the increasing sale potential. With these considerations, domestic retailing firms such as Myer Holding are required to come up with better plans to overcome the stiff competition being experienced in the industry. Myer Holding Limited future plans is to grow by 0.6% in the next one year (Myer Holdings Ltd 2016). This seems to be possible since the company has outperformed in the retail industry for the last one year . In addition, it ROE for the last one year left a significant mark to be desired. Furthermore, its future plans include a $480,000,000 capital investments as well as over 3% improvement every year in its total sales in the next three to five years. It also plans to reduce its costs through store rationalisation and lifting it sales via refurbishment of its stores and shifting towards bigger brand sold via in-store concessions (Myer Holdings Ltd 2016). Financial Statement Analysis From Myer Holding income statement, it is clear that for the last five year, the company experienced a decreasing trend in its gross profit. This is evident by a increase in its gross profit as from as from $1,285.9 million in 2014 to around $1,290.4 million in 2015 and decreased to around $1,274.3 million in 2016 (Myer Holdings Ltd 2016). Its net income in the past five years experienced a decreasing and increasing trend. This is evident by a decrease as from $98.5 million in 2014 to around $30 million in 2015 and an increase to around $61 million in 2016. Its income from operations also experienced a decreasing and increasing trend for the past five years decreasing as from $160.3 million in 2014 to around $71.80 million in 2015 and then increasing to around $95.20 million in 2016 (Myer Holdings Ltd 2016). Table 1: Trend analysis of the income statement 2012 2013 2014 2015 2016 Change 2013 Change 2014 Change 2015 Change 2016 Revenue 100.00% 100.00% 100.00% 100.00% 100.00% 0.32% -0.33% 1.58% -0.54% Cost of revenue 56.06% 55.34% 55.70% 56.34% 57.86% -0.96% 0.30% 2.69% 2.11% Gross profit 49.31% 50.04% 49.22% 48.61% 48.27% 1.77% -2.00% -0.35% 1.26% Other income 1.03% 0.94% 4.07% 2.69% Operating expenses Sales, General and administrative 40.51% 41.84% 43.33% 43.59% 43.95% 3.50% 3.10% 2.17% 0.28% Other operating expenses 0.71% 0.00% 0.00% 23.36% 0.00% 0 0 -100.00% 0 strategic review, restructuring 0.88% 0.00% 2.32% 0.69% Total operating expenses 42.10% 41.84% 43.33% -69.27% -44.64% -0.30% 3.10% -161.56% 56.02% Operating income(EBIT) 8.98% 8.19% 6.14% 2.70% 3.61% -9.22% -34.00% -123.26% 24.58% Interest Expense 0.06% 0.05% 0.04% 0.03% 0.03% -7.14% -35.92% -37.33% 17.58% Other income (expense) 1.20% 1.14% 0.88% 0.89% 0.58% -5.03% -29.96% 2.43% -52.60% Income before income taxes 7.83% 7.12% 5.30% 1.85% 3.06% -9.76% -34.75% -182.28% 39.24% Provision for income taxes 2.44% 2.16% 1.53% 0.72% 0.77% -12.72% -41.85% -107.81% 4.95% Net income from continuing operations 5.40% 4.96% 3.77% 1.13% 2.31% -8.62% -31.88% -228.33% 50.82% Net income 5.40% 4.96% 3.77% 1.13% 2.31% -8.62% -31.88% -228.33% 50.82% Net income available to common shareholders 5.40% 4.96% 3.77% 1.13% 2.31% -8.62% -31.88% -228.33% 50.82% Earnings per share Basic Diluted Based on Table 2 below, it is evident that Myer Holding total current assets for the year 2014 was 24.83% of the total assets, while in 2015 and 2016 it was 25.49% and 25.70% respectively. On the other hand, the total non-current assets for the year 2014 was 75.12% of the total assets while in 2015 and 2016 it was 74.51% and 74.30% respectively. This means that total non-current assets as compared to total assets for the last five years experienced an increasing and decreasing trend. Further, the total current liabilities for the year 2014 was 27.47% of the total assets while in 2015 and 2016 it was 25.49% and 27.89% respectively. Its total non-current liabilities for the year 2014 were 26.28% of the total assets while in 2015 and 2016 it was 28.72% and 12.85% (Myer Holdings Ltd 2016). On overall, the total liabilities for the company in 2014 was 53.75% of the total assets while in 2015 and 2016 they were 54.27% and 40.69%. On the other hand, its total equity for the year 2014 was 46 .25% of the total assets while in 2015 and 2016, it was 45.73% and 59.31% respectively. This proves the fact that total assets of Myer for the past five years were equal to total liabilities plus total equities. Table 2: Trend analysis of balance sheet 2012 2013 2014 2015 2016 Current assets Cash and cash equivalents 1.99% 4.20% 3.83% 2.81% 2.41% Short-term investments 0.00% 0.00% 0.00% 0.79% 0.00% Total cash 1.99% 4.20% 3.83% 3.66% 2.46% Receivables 0.92% 1.26% 1.56% 1.61% 2.03% Inventories 20.11% 18.76% 19.49% 20.24% 21.22% Prepaid expenses 0.00% 0.00% 1.40% 1.80% 0.96% Other current assets 0.00% 0.48% -20.18% -21.14% -21.68% Total current assets 23.02% 24.70% 24.83% 25.49% 25.70% Non-current assets Property, plant and equipment Other properties 0.00% 0.00% 89.39% 94.54% 99.20% Property and equipment, at cost 26.87% 26.24% 89.39% 94.54% 99.20% Accumulated Depreciation 0.00% 0.00% -37.35% -44.83% -51.50% Property, plant and equipment, net 26.87% 26.24% 52.04% 49.71% 47.70% Equity and other investments 0.00% 0.00% 0.00% 0.00% 0.48% Goodwill 0.00% 0.00% 38.95% 39.90% 40.31% Intangible assets 48.80% 48.00% 57.53% 57.18% 56.48% Deferred income taxes 1.10% 0.87% 1.40% 1.91% 2.89% Other long-term assets 0.21% 0.19% -74.81% -74.24% -73.55% Total non-current assets 76.98% 75.30% 75.12% 74.51% 74.30% Total assets 100.00% 100.00% 100.00% 100.00% 100.00% Liabilities and stockholders' equity Liabilities Current liabilities Accounts payable 20.70% 19.99% 21.06% 20.30% 20.18% Deferred income taxes 0.79% 0.98% 0.78% 0.05% 0.75% Deferred revenues 0.13% 0.00% 0.62% 0.74% 1.18% Other current liabilities 4.59% 5.98% 5.02% 4.40% 5.78% Total current liabilities 26.22% 26.95% 27.47% 25.49% 27.89% Non-current liabilities Long-term debt 26.50% 26.29% 43.66% 46.74% 15.79% Other long-term liabilities 1.53% 0.07% -17.38% -18.02% -2.94% Total non-current liabilities 28.03% 26.36% 26.28% 28.72% 12.85% Total liabilities 54.24% 53.31% 53.75% 54.27% 40.69% Stockholders' equity Common stock 27.10% 26.82% 27.16% 27.82% 39.56% Retained earnings 18.94% 19.58% 19.61% 17.75% 20.29% Accumulated other comprehensive income -0.77% 0.21% -0.52% 0.16% -0.59% Total stockholders' equity 45.76% 46.69% 46.20% 45.73% 59.31% Total liabilities and stockholders' equity 100.00% 100.00% 100.00% 100.00% 100.00% Based on Table 3 below, it is evident that Myer ash flows from operations were relatively high than the new income for the last five years. On the other hand, it is evident that the company is expanding in terms of investing activities over the last five years. Besides, it is also evidence that the main source of financing for Myer Holdings is common stock issued. Further, based on the analysis, it is evident that Myer Holdings cash flow has decreased for the past five years as from $74 million in 2014 to around $45 million in 2016. Table 3: Trend analysis of the cash flow 2012 2013 2014 2015 2016 Cash Flows From Operating Activities Other non-cash items 6.60% 8.24% 7.04% 3.50% 5.36% Net cash provided by operating activities 6.60% 8.24% 7.04% 3.50% 5.36% Cash Flows From Investing Activities 0.00% 0.00% 0.00% 0.00% 0.00% Investments in property, plant, and equipment -1.79% -2.00% -3.66% -4.55% -2.91% Acquisitions, net -0.31% 0.03% -0.11% 0.00% 0.00% Purchases of investments 0.00% 0.00% -1.21% 0.00% -0.32% Purchases of intangibles -0.37% -0.68% -1.98% -1.33% -0.86% Sales of intangibles 0.10% 0.00% 0.00% 0.00% 0.00% Other investing charges 0.27% 0.67% 3.19% 3.61% 1.98% Net cash used for investing activities -1.70% -2.45% -3.81% -2.24% -2.09% Cash Flows From Financing Activities 0.00% 0.00% 0.00% 0.00% 0.00% Long-term debt issued 0.00% -0.07% 0.00% 0.65% 0.00% Long-term debt repayment 0.00% -0.01% 0.00% 0.00% -10.61% Common stock issued 0.01% 0.02% 0.18% 0.00% 7.62% Cash dividends paid -4.60% -4.05% -3.63% -2.63% -0.58% Other financing activities -0.28% -0.09% 0.00% 0.00% 0.00% Net cash provided by (used for) financing activities -4.87% -4.21% -3.48% -1.98% -3.56% Net change in cash 0.03% 1.59% -0.29% -0.72% -0.29% Cash at beginning of period 1.37% 1.39% 2.97% 2.67% 1.91% Cash at end of period 1.40% 2.98% 2.71% 1.91% 1.62% Ratio analysis Ratio analysis is an important aspect that is used in analysis financial performance of a given organization in numerous areas. In addition, ratio analysis is an important tool in comparing an organizations financial performance with the industry averages. It could also be utilized in form of the trend analysis in identifying some of the areas where financial performance of an organization deteriorated or improved over time (Chen Shimerda 1981). In this case, the most common ratio that will be used in analysis Myer Holding financial performance would include; Liquidity ratios, market strength ratios, long-term solvency ratios, profitability ratios as well as cash flow adequacy ratios Liquidity ratios: Working capital This ratio is useful in measuring both an organizations efficiency. It is usually computed by subtracting an entitys total current liabilities from its current assets (Lev Sunder 1979). In this case, the working capital for the past five years is as follows; 2012 = 441.5- 502.9 = -61.4 2013 = 479.2- 522.7 = -43.5 2014 = 480-531 = -51 2015 = 481 -481 = 0 2016 = 480 -521= -41 Current ratio This financial ratio is obtained by dividing Myers current assets with its total current liabilities (Chen Shimerda 1981). In this case, current ratio for the past five years is as follows; 2012 = 441.5/502.9 = 0.88 2013 = 479.2/522.7 = 0.92 2014 = 480/531 = 0.90 2015 = 481/481 = 1.00 2016 = 480/521= 0.92 Receivable turnover It is computed by dividing net value of the credit sales by average account receivable. It shows the efficiency with which an organization manages its credit and how it collects on the credits (Barnes 1987). In this case, receivable turnover ratio for the past five years is as follows; 2012 = 147.61 2013 = 107.43 2014 = 86.70 2015 = 87.43 2016 = 69.69 Average days sales uncollected The ratio is used in measuring when an organization would actually receive cash from sales. This is computed by dividing account receivable by net sales (Lev Sunder 1979). In this case, average days sales uncollected for the past five years are as follows; 2012 = 2.47 2013 = 3.40 2014 = 4.21 2015 = 4.17 2016 = 5.24 Inventory turnover The ratio is used in measuring number of times inventories in an organization is utilized or sold in a given period of time. It is obtained by dividing COGS by inventories (Barnes 1987). In this case, inventory turnover ratio for the past five years is as follows; 2012 = 3.80 2013 = 3.99 2014 = 3.86 2015 = 3.92 2016 = 3.85 Average days inventory on hand This is the financial ratio used in measuring the number of days an organization takes in selling its average balance of the inventories. In addition, it is an estimate of days for which balance of the inventories is adequate. It is obtained by dividing days in a year by inventory turnover (Lev Sunder 1979). In this case, the average days inventory ratio for the past five years is as follows; 2012 = 96.12 2013 = 91.55 2014 = 94.51 2015 = 93.22 2016 = 94.69 Profitability ratios Profit margin This shows dollars in income that an organization earns on every dollar of its sales. It is computed by subdividing Myers net income by its sales (Chen Shimerda 1981). The ratio assists in detecting consistency in an organizations earnings. In this case, profit margin for the past five years is as follows; 2012 = 5.40% 2013 = 4.96% 2014 = 3.77% 2015 = 1.13% 2016 = 2.31% ROE The ratio shows the amount of dollars of net income that is earned by an organization on its equity. It helps in measuring how profitable a given firm is by comparing its income to average equity (Barnes 1987). In this case, the ROE for the past five years is as follows; 2012= 16.08% 2013 = 14.34% 2014 = 11.03% 2015 = 3.48% 2016 = 5.51% ROA This ratio is used to measure amount of dollars in the net income earned by an organization on its total assets. It usually helps in measuring how cost-effective a firm is comparative to its overall assets. In essence, ROA shows how well organizations management is utilizing its total assets in generating profit (Chen Shimerda 1981). In this case, the ROA for the past five years is as follows; 2012 = 7.36% 2013 = 6.70% 2014 =5.10% 2015 = 1.59% 2016 = 3.27% Asset turnover The ratio is useful in measuring efficiency of an organizations use of assets in generating revenue or income. This ratio is obtained by subdividing net revenue by assets (Altman 1968). In this case, asset turnover for the last five years is as follows; 2012 = 1.36 2013 = 1.35 2014 = 2,729/1,933 =1.35 2015 = 2,772/ 1,887 = 1.41 2016 = 2,781/1,868 = 1.41 Long term solvency ratios: Debt to equity This is a type of long-term solvency ratio which is used in comparing an entitys total liabilities or debts to its total equity (Lev Sunder 1979). In essence, it is a tool for measuring the percentage of an organizations balance sheet which is financed by lenders, obligors, suppliers and creditors versus what its shareholders have committed. It is obtained by comparing total liabilities of an organization by its total equity. In this case, the debt to equity ratio of Myer for the last five years was; 2012 = 1.19 2013 = 1.14 2014 = 1,039/893 =1.16 2015 = 1,024/863 = 1.19 2016 =760/1,108 = 0.69 Interest coverage This form of ratio is very crucial since it is used in determining how easily an organization could settle its interest expenses on the outstanding debts (Higgins 2012). It is obtained by dividing EBIT by an organizations interest expenses. Here, a low ratio means that the company is having high burden of the debt expense. In this case, interest coverage ratio for the past five years is as follows; 2012 = 156.40 2013 = 153.43 2014 = 155.63 2015 = 95.73 2016 = 104.62 Cash flow adequacy Cash flow yield It assists in measuring how well an organization generates cash from the current operations. It is obtained by dividing an organizations cash flow from its operations by the net income (Lev Sunder 1979). In this case, cash flow yield for the past five years would be; 2012 = 1.29 2013 = 1.78 2014 = 192/98 =1.96 2015 =97/30 = 3.23 2016 = 149/61 = 2.44 Cash flows to sales The ratio helps in comparing an organizations cash flow to net sales. This assists in determining its capacity to turn revenues into cash (Higgins 2012). In this case, cash flow to sales for the past five years is as follows; 2012 = 1.40% 2013 = 2.98% 2014 = 74/2,729 =2.71% 2015 = 53/2,772 = 1.91% 2016 = 45/2,781 = 1.62% Cash flows to assets The ratio is useful in rating cash flow to total assets without any instance of affecting income measurements or income recognition (Higgins 2012). It is obtained by diving cash flows from the operating activities by average total assets. In this case, cash flow to assets for the past five years would be; 2012 = 1.99% 2013 = 4.20% 2014 = 74/1,933 =3.83% 2015 = 53/1,887 =2.81% 2016 = 45/1,868 =2.41% Free cash flow The ratio is used in measuring an organization capacity to maintain its efficiency and competiveness. It is an essential aspect in an organization which is computed by subtracting capital expenditure from operating cash flow (Lev Sunder 1979). In this case, free cash flow is as follows; 2012 = 45 2013 = 77 2014 = 192-155 = 37 2015 = 97-163 = -66 2016 =149-105 = 45 Market strength Ratios Price/earnings per share The ratio usually shows how much an inventor is willing to pay off per each dollar of the current earnings. As a result, high price/earnings per share are linked with growth stocks (Altman 1968). It is obtained by dividing an organizations market price of each share by EPS. It usually In this case, P/E per share ratio for the past five years is as follows; 2012 = 23.68 = 19.41% 2013 = 21.97 = 19.33% 2014 = 228/15.3 =14.9 2015 = 126/4.77 = 26.42 2016 = 133.5/7.7 =17.34 Dividends yield This is the percentage of the cash dividend per share organization by its current price per share. It is used in measuring how much an entity pays in dividends every year in relation to its share prices (Altman 1968). With these considerations, Myer dividend yield for the past five is; 2012 = 12.57% 2013 = 9.35% 2014 = 6.4% 2015 = 7.00/126= 5.56% 2016 = 5/133.5= 3.75% Conclusion From the above analysis, it can be concluded that Myer Holdings is financial stable and healthy. This is evident by its relative in its ROA, ROE, profit margin as well as its increase in interest coverage in the financial year 2016. The increase is a clear indication that the company is regaining and is now able to generate high profit in its daily operations. Furthermore, its liquidity and solvency ratios are also clear indication that the firm is equipped in settling both its short and long-term debt obligations. In spite of its decreasing trend in P/E ratio as well as its dividend yield, there is still some proof that the company is financially healthy with increased net income in 2016.Therefore, While Myer Holding is not a speedy growing firm, it could still provide interesting investment opportunities. This is based on the fact that its financial ratios shows that the company has a lot to be desired ranging from its profitability to its leverage level. Hence, Myer Holding could be considered a strong performer in the market. REFERENCES 4 Traders 2017, Myer Holdings Ltd; Viewed at 8th September 2017 from; https://www.4-traders.com/MYER-HOLDINGS-LTD-6500903/financials/ Altman, EI 1968, Financial ratios, discriminant analysis and the prediction of corporate bankruptcy, The journal of finance,23(4), 589-609. Barnes, P 1987, The analysis and use of financial ratios: a review article,Journal of Business Finance Accounting,14(4), 449-461. Chen, KH Shimerda, TA 1981, An empirical analysis of useful financial ratios,Financial Management, 51-60. Higgins, RC 2012,Analysis for financial management. McGraw-Hill/Irwin. Lev, B Sunder, S 1979, Methodological issues in the use of financial ratios, Journal of Accounting and Economics,1(3), 187-210. Myer Holdings Limited 2010, Myer Holdings Limited auditors report; Viewed at 8th September 2017 from; https://media.corporate-ir.net/media_files/irol/23/231681/2010AR/2010AR/assets/downloads/Myer_AR10_Auditors_Report.pdf Myer Holdings Ltd 2013, Myer Holdings Ltd annual report 2013; Viewed at 8th September 2017 from; https://www.annualreports.com/HostedData/AnnualReportArchive/M/ASX_MYR_2013.pdf Myer Holdings Ltd 2015, Myer Holdings Ltd 2015 annual report and notice of annual general meeting; Viewed at 8th September 2017 from; https://www.annualreports.com/HostedData/AnnualReportArchive/M/ASX_MYR_2015.pdf Myer Holdings Ltd 2016, Myer Holdings Ltd 2016 annual report and notice of annual general meeting; Viewed at 8th September 2017 from; https://investor.myer.com.au/FormBuilder/_Resource/_module/dGngnzELxUikQxL5gb1cgA/file/Myer_Annual_Report_2016.pdf

Sampling Methods and Statistics

Introduction Sampling may be defined as the process of selecting an appropriate representation of a population for the purpose of attaining information regarding the overall population. A sampling distribution may be defined as a probability distribution of all possible means of a given size selected from a population. A sample must be unbiased and representative for accurate results.Advertising We will write a custom case study sample on Sampling Methods and Statistics specifically for you for only $16.05 $11/page Learn More Sampling Sampling methods may be broadly categorized into probability and non-probability methods. Probability sampling supports the idea that elements to be included in the sample have a non-zero (and known) chance. They include random, systematic and stratified sampling. In non-probability sampling, population elements are selected in a non-random way such that elements do not have a known chance of being selected. They include ju dgemental, convenience, quota and snowball sampling. Probability Sampling methods Random sampling occurs when each element in the population has an equal chance of being selected to form part of the sample and selection relies on chance. Stratified sampling occurs where the population is divided into groups ensuring that elements within each group are as similar as possible. This process is called stratification and the groups formed are called strata. Systematic sampling is used for quality control sampling. In this case, a sample element is enlisted as a member of the sample if it falls under the kth element. For example, for a population of 500, every tenth, twentieth or fiftieth element will be included. Non-probability sampling In judgemental sampling the researcher selects whom to include as the sample element with the belief that their views are fundamental for the study. For convenience sampling, selection of elements is done on the basis of convenience which may be time, co st or location. In quota sampling the researcher initially identifies the strata within the population. After defining the strata, the researcher uses convenience or judgmental sampling to include elements in the sample. Snowball sampling uses referrals made by respondents which may be used by the researcher as part of the sample.Advertising Looking for case study on math statistics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Sampling distributions Sampling distributions consider the laws of probability. For example, a nanny has 5 children under her supervision. Child (x) Age (Years) 1 2 2 4 3 6 4 8 5 10 These five children form the entire population i.e. n=5. Therefore the population mean is calculated by: Hence,  µ= (2+4+6+8+10) /5= 6 years. The standard deviation of the population is given by: (X-  µ)2 X  µ (X-  µ)2 2 6 16 4 6 4 6 6 0 8 6 4 10 6 16 Advertising We will write a custom case study sample on Sampling Methods and Statistics specifically for you for only $16.05 $11/page Learn More = 40 Therefore ÏÆ' = =2.83 Years Taking all the possible random samples of size 2, we will get 10 possible such samples. Elements Values Sample Mean (X1, X2) (2,4) á ºâ€¹ 1=3 (X1, X3) (2,6) á ºâ€¹2=4 (X1, X4) (2,8) á ºâ€¹3=5 (X1, X5) (2,10) á ºâ€¹4=6 (X2, X3) (4,6) á ºâ€¹5=5 (X2, X4) (4,8) á ºâ€¹6=6 (X2, X5) (4,10) á ºâ€¹7=7 (X3, X4) (6,8) á ºâ€¹8=7 (X3, X5) (6,10) á ºâ€¹9=8 (X4, X5) (8,10) á ºâ€¹10=9 The grand mean of these samples is given by: (3+4+5+6+†¦.+8+9) à ·10= 6 yearsAdvertising Looking for case study on math statistics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The sampling distribution of the means of the ages is tabulated below and has two predictable patterns. The sampling distribution gives a mean that is similar to the population mean. Sampling Means (á ºâ€¹) Probability P(á ºâ€¹) 3 0.1 4 0.1 5 0.2 6 0.2 7 0.2 8 0.1 9 0.1 E(á ºâ€¹)= 3(0.1)+4(0.1)+5(0.2)+6(0.2)+7(0.2)+8(0.1)+9(0.1)= 6 years The shape of the sampling distribution is bell shaped even when the population is not normally distributed provided the sample is reasonably sufficient. This property leads to the central limit theorem which states that regardless of the shape of the distribution of the population, the distribution of the sample mean approaches the normal probability distribution as the sample size increases. Standard error of the mean This is a measure of dispersion of the distribution of the sample means and is similar in concept to the standard deviation in a frequency distribution. It measures the likely deviation of a sample mean from th e grand mean of the sampling distribution. From the example of the five children, taking the sample means, we can calculate ÏÆ' á ºâ€¹ as: ÏÆ' á ºâ€¹ = where N is the number of sample means. Hence 2 is the standard error of mean. This value will always be less than ÏÆ'. The relationship between ÏÆ' and ÏÆ' á ºâ€¹ is indicated below. ÏÆ' á ºâ€¹ = Standard normal distribution Taking students with a mean  µ of 120 and a standard deviation ÏÆ' of 10, we can calculate the probability of any student chosen at random with scores between 120 and 125. z= (á ºâ€¹ –  µ)/ ÏÆ' (125-120)à ·10=0.5 The area of z = 0.5 from z tables is 0.1915 meaning there is a 19.15% chance that a student picked at random will have scores between 120 and 125. Supposing that a random sample of 25 students is chosen, to find the probability that the mean sample will be between 120 and 125: This indicates the standardized normal distribution of the means. The area for z= 2.5 is 0.4938 ind icating that this is the probability that the sample mean will fall between 120 and 125. Conclusion In conclusion, sampling is used to provide a general feel of the population from which the researcher can make statistical inferences. Sampling distributions indicate the properties of the population in terms of how the data elements relate to each other. Accurate estimation depends on representativeness of the sample as well as extent of variability in the population. This case study on Sampling Methods and Statistics was written and submitted by user Jaxen Rose to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.