MARK312 Lecture Notes - Lecture 10: Statistic, Standard Deviation, Frequency Distribution

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Determining the sample size for probability samples - key considerations. Traditional statistical methods three pieces of information are needed: an estimate of the population standard deviation. 3. the acceptable level of sampling error the desired level of con dence that the sample will fall within a certain range of the true population values. Key is that it is big enough for the client"s purpose. Case of multiple objectives may need to consider multiple means. % of population who will buy a new product formula formula for calculating the sample size for studies that involved estimating proportions (percentages) is as follows: ** will have to calculate one sample by hand for the exam** Other probability sampling plans may have a number of strata or cluster to consider cost is a factor con dence interval = higher = small sample size con dence interval = lower = larger sample size.

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