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BMKT 312 Sampling 2 Study Guide

BMKT 312 Sampling 2 Study Guide - 1 Determining Sample Size...

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BMKT 312 Sampling 2 Study Guide 1 Determining Sample Size Main ideas 1. Three factors researchers must take into account when determining sample size. 1. How precise the estimate must be. 2. The degree of confidence that the population parameter falls within the precision interval 3. How much variation there is on the parameter of interest in the population. Where: Precision is the degree of acceptable error in an estimate of a population parameter Confidence is the degree to which the researcher can feel assured that an estimate approximates the true value Variance is the degree to which the population characteristic of interest changes from person to person 2. The relationship between precision and confidence. If greater precision is necessary, then confidence must be reduced. If greater confidence is necessary, then the researcher must give up precision. The relationship between precision and confidence is a trade-off.
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