Austin Chapter of the American Statistical Association
On Thursday, September 28th, 2006, at the LBJ school the September meeting of the Austin chapter of the American Statistical Association will feature UT-Austin's own Professor Thomas Sager discussing economical design of experiments in a presentation entitled, "In Praise of Monetary Unit Sampling."
Time and Place will be announced next week.
"In Praise of Monetary Unit Sampling"
Monetary Unit Sampling (MUS) is a "well-known" but under-appreciated and under-utilized sampling methodology. Also known as sampling with probability proportional to size, MUS has several appealing advantages that have made it my default sampling method of choice for real-world consulting. In this basic tutorial, Professor Sager will discuss what MUS is, how it works, compare it with some other sampling methodologies, illuminate the source of its advantages, and illustrate with some examples from my consulting experience. Although there will be some equations, the emphasis will be on conveying an intuitive understanding of MUS and its advantages.