MARK 302 Study Guide - Point Estimation, Frequency Distribution, Emor
Document Summary
As a general rule, the larger the sample is, the smaller the sampling error. However, large samples cost more money, and the resources available for a project are always limited. If sample size is quadrupled, data collection cost is almost quadrupled, but the level of sampling error is reduced by only 50%. Number of subgroups analyzed: in any sample size determination problem, consideration must be given to the number and anticipated size of various subgroups of the total sample that must be analyzed. The larger the number of subgroups to be analyzed, the larger the required total sample size. Traditional statistical methods: variance, heterogeneity in the population, standard deviation, sampling error and confidence intervals play a key role in determining sample size. Draw on your experience to determine sample size. See what the sample size has been for similar studies. Standard normal distribution: normal distribution with a mean of zero and a standard deviation of one.
