Sampling (statistics) | Actuarial science

Sampling risk

Sampling risk is one of the many types of risks an auditor may face when performing the necessary procedure of audit sampling. Audit sampling exists because of the impractical and costly effects of examining all or 100% of a client's records or books. As a result, a "sample" of a client's accounts are examined.Due to the negative effects produced by sampling risk, an auditor may have to perform additional procedures which in turn can impact the overall efficiency of the audit. Sampling risk represents the possibility that an auditor's conclusion based on a sample is different from that reached if the entire population were subject to audit procedure. The auditor may conclude that material misstatements exist, when in fact they do not; or material misstatements do not exist but in fact they do exist. Auditors can lower the sampling risk by increasing the sampling size. Although there are many types of risks associated with the audit process, each type primarily has an effect on the overall audit engagement. The effects produced by sampling risk generally can increase audit risk, the risk that an entity's financial statements will contain a material misstatement, though given an unqualified ('clean') audit report. Sampling risk can also increase detection risk which suggests the possibility that an auditor will not find material misstatements relating to the financial statements through substantive tests and analysis. (Wikipedia).

Video thumbnail

Non Probability Sampling

Overview of non probability sampling; advantages and disadvantages, types. Check out my e-book, Sampling in Statistics, which covers everything you need to know to find samples with more than 20 different techniques: https://prof-essa.creator-spring.com/listing/sampling-in-statistics

From playlist Sampling

Video thumbnail

Statistics: Sampling Methods

This lesson introduces the different sample methods when conducting a poll or survey. Site: http://mathispower4u.com

From playlist Introduction to Statistics

Video thumbnail

Statistics: Sources of Bias

This lesson reviews sources of bias when conducting a survey or poll. Site: http://mathispower4u.com

From playlist Introduction to Statistics

Video thumbnail

Quota Sampling

What is quota sampling? Advantages and disadvantages. General steps and an example of how to find a quote sample. Check out my e-book, Sampling in Statistics, which covers everything you need to know to find samples with more than 20 different techniques: https://prof-essa.creator-spring.

From playlist Sampling

Video thumbnail

Probability Sampling Methods

What is "Probability sampling?" A brief overview. Four different types, their advantages and disadvantages: cluster, SRS (Simple Random Sampling), Systematic and Stratified sampling. Check out my e-book, Sampling in Statistics, which covers everything you need to know to find samples with

From playlist Sampling

Video thumbnail

Statistics - Types of sampling

This video will show you the many ways that you could sample. Remember to look for those small differences such as if you are breaking things into groups first. For more videos visit http://www.mysecretmathtutor.com

From playlist Statistics

Video thumbnail

Convenience Sampling

What is convenience sampling? Advantages and disadvantages of grab sampling. How to analyze data from convenience sampling. Check out my e-book, Sampling in Statistics, which covers everything you need to know to find samples with more than 20 different techniques: https://prof-essa.creato

From playlist Sampling

Video thumbnail

Systematic Sampling

What is systematic sampling? Advantages and disadvantages. How to perform systematic sampling and repeated systematic sampling. Check out my e-book, Sampling in Statistics, which covers everything you need to know to find samples with more than 20 different techniques: https://prof-essa.c

From playlist Sampling

Video thumbnail

What is a Sampling Distribution?

Intro to sampling distributions. What is a sampling distribution? What is the mean of the sampling distribution of the mean? Check out my e-book, Sampling in Statistics, which covers everything you need to know to find samples with more than 20 different techniques: https://prof-essa.creat

From playlist Probability Distributions

Video thumbnail

Level 1 Chartered Financial Analyst (CFA ®): Measures of dispersion including volatility

Session 2, Reading 8 (Part 2): A previous video in this CFA playlist looked at classic measures of central tendency. This is also called the first moment of the distribution or the distributions the location where is the distribution centered. When we say that I think most of us think of t

From playlist Level 1 Chartered Financial Analyst (CFA ®) Volume 1

Video thumbnail

Daniel Kuhn: "Wasserstein Distributionally Robust Optimization: Theory and Applications in Machi..."

Intersections between Control, Learning and Optimization 2020 "Wasserstein Distributionally Robust Optimization: Theory and Applications in Machine Learning" Daniel Kuhn - École Polytechnique Fédérale de Lausanne (EPFL) Abstract: Many decision problems in science, engineering and economi

From playlist Intersections between Control, Learning and Optimization 2020

Video thumbnail

Lecture 9 - Approx/Estimation Error & ERM | Stanford CS229: Machine Learning (Autumn 2018)

For more information about Stanford’s Artificial Intelligence professional and graduate programs, visit: https://stanford.io/3ptwgyN Anand Avati PhD Candidate and CS229 Head TA To follow along with the course schedule and syllabus, visit: http://cs229.stanford.edu/syllabus-autumn2018.h

From playlist Stanford CS229: Machine Learning Full Course taught by Andrew Ng | Autumn 2018

Video thumbnail

Binomial test: if Elon Musk samples 100 twitter accounts, how many bots (fakes) are too many?

Elon Musk is holding up his twitter purchase to investigate their claim that only 5.0% of the accounts on the platform are fake. If he samples 100 accounts, how many is too many; i.e., at what number should he reject the null hypothesis? Subscribe here https://www.youtube.com/c/bionicturt

From playlist FRM applications

Video thumbnail

Stanford CS229: Machine Learning | Summer 2019 | Lecture 13-Statistical Learning Uniform Convergence

For more information about Stanford’s Artificial Intelligence professional and graduate programs, visit: https://stanford.io/3py8nGr Anand Avati Computer Science, PhD To follow along with the course schedule and syllabus, visit: http://cs229.stanford.edu/syllabus-summer2019.html

From playlist Stanford CS229: Machine Learning Course | Summer 2019 (Anand Avati)

Video thumbnail

A Random Matrix Bayesian framework for out-of-sample quadratic optimization - Marc Potters

Marc Potters CFM November 6, 2013 For more videos, please visit http://video.ias.edu

From playlist Mathematics

Video thumbnail

Environment oblivious risk-aware bandit algorithms by Jayakrishnan Nair

PROGRAM: ADVANCES IN APPLIED PROBABILITY ORGANIZERS: Vivek Borkar, Sandeep Juneja, Kavita Ramanan, Devavrat Shah, and Piyush Srivastava DATE & TIME: 05 August 2019 to 17 August 2019 VENUE: Ramanujan Lecture Hall, ICTS Bangalore Applied probability has seen a revolutionary growth in resear

From playlist Advances in Applied Probability 2019

Video thumbnail

The virtue of Bayesian analysis in food risk assessment, Jukka Ranta - Bayes@Lund 2018

Find more info about Bayes@Lund, including slides, here: https://bayesat.github.io/lund2018/bayes_at_lund_2018.html

From playlist Bayes@Lund 2018

Video thumbnail

Statistical Learning: 4.4 Logistic Regression Case Control Sampling and Multiclass

Statistical Learning, featuring Deep Learning, Survival Analysis and Multiple Testing You are able to take Statistical Learning as an online course on EdX, and you are able to choose a verified path and get a certificate for its completion: https://www.edx.org/course/statistical-learning

From playlist Statistical Learning

Video thumbnail

Prevalence, Predictors and Treatment of Mental Health Problems in Syrian Refugee Children

Millions of children across the world are affected by war and displacement. As well as having experienced traumatic war-related events, many refugee children end up living in adverse conditions with little access to basic resources. Professor Michael Pluess reports new findings from the BI

From playlist Refugee Program Seminars

Video thumbnail

Random Sampling - Statistical Inference

In this video I talk about Random Sampling - I give you a full, in-depth primer about random sampling and what sampling is in general. I then discuss the two ways of taking a random sample from a population (1st way: No replacement; 2nd way: With replacement) and point out the difference b

From playlist Statistical Inference

Related pages