MKT 500 Chapter Notes - Chapter 10: Guesstimate, Nonprobability Sampling, Central Limit Theorem
25 Feb 2016
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Chapter 10: determining the size of a sample. The method of sample selection determines its representativeness; the size of a sample directly affects its degree of accuracy or error. Sample accuracy: refers to how close a random sample"s statistic is to the population"s value it represents. Sample size has a direct bearing on how accurate the sample"s findings are relative to the true values in the population. We are concerned with sample size because a significant cost savings occurs when the correct sample size is calculated and used. A sample size decision is usually a compromise between what is theoretically perfect and what is practically feasible. Large sample size bias: a false belief that sample size determines a sample"s representativeness: the size of a sample has nothing to do with its representativeness. Axiom: a universal truth, meaning that the statement will always be correct. The confidence interval method of determining sample size.
