Why Statistical Sampling-ECO6416

Why Statistical Sampling-ECO6416 - 3 Timeliness Another...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Why Statistical Sampling? Sampling is the selection of part of an aggregate or totality known as population , on the basis of which a decision concerning the population is made. The following are the advantages and/or necessities for sampling in statistical decision making: 1. Cost: Cost is one of the main arguments in favor of sampling, because often a sample can furnish data of sufficient accuracy and at much lower cost than a census. 2. Accuracy: Much better control over data collection errors is possible with sampling than with a census, because a sample is a smaller-scale undertaking.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 3. Timeliness: Another advantage of a sample over a census is that the sample produces information faster. This is important for timely decision making. 4. Amount of Information: More detailed information can be obtained from a sample survey than from a census, because it take less time, is less costly, and allows us to take more care in the data processing stage. 5. Destructive Tests: When a test involves the destruction of an item under study, sampling must be used. Statistical sampling determination can be used to find the optimal sample size within an acceptable cost....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online