Why Statistical Sampling-ECO6416

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

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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.
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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....
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