Upon completion of this course, participants will be able to:
Be able to explain different statistical concepts, perform calculations to calculate sample size, and be able to draw a random sample of observations.
· Overview the concept of statistical sampling, and when it is appropriate to use statistical samples in audits. Review common legal and scientific standards for a valid, robust statistical sample.
· Outline Common Definitions: Population, Sample Size, Margin of Error, Confidence Intervals, Simple Random Sample, and Stratified Random Sample
· Demonstrate how to randomly select observations for both simple and stratified random samples, with examples from common data analysis programs
· Define common statistical problems, such sample bias, and review strategies to mitigate and reduce biases in statistical samples
· Detail how statistical samples can be extrapolated to an entire population
· Provide useful case studies utilizing statistical sampling for litigation and audit purposes.