Sampling Methods-ECO6416 - Sampling Methods From the food...

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Sampling Methods From the food you eat to the television you watch, from political elections to school board actions, much of your life is regulated by the results of sample surveys. A sample is a group of units selected from a larger group (the population). By studying the sample, one hopes to draw valid conclusions about the larger group. A sample is generally selected for study because the population is too large to study in its entirety. The sample should be representative of the general population. This is often best achieved by random sampling. Also, before collecting the sample, it is important that one carefully and completely defines the population, including a description of the members to be included. A common problem in business statistical decision-making arises when we need information about a collection called a population but find that the cost of obtaining the information is prohibitive. For instance, suppose we need to know the average shelf life of current inventory. If the inventory is large, the cost of checking records for each item might be high enough to cancel the benefit of having the information. On the other hand, a hunch about the average shelf life might not be good enough for decision-making purposes. This means we must arrive at a compromise that involves selecting a
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