Make the sample results more reliable

Assignment Help Basic Statistics
Reference no: EM131992266

Not able to understand item highlighted in bold

Cluster sampling:

This method involves dividing the population into groups of items known as clusters. A number of clusters are randomly selected from all the clusters rather than individual items of the population. Cluster sampling can be used together with both unrestricted random and stratified sampling, for example 500 to 540, 2015 to 2055 etc. The first item i.e. 500, 2015 is randomly selected from random number tables. The items of selected cluster can either be checked completely or a randomly selected proportion of them can be examined.

The cluster is less effective for a given sample size than unrestricted random and stratified samples as items are not individually selected. However, the time saved can be utilised to have a larger sample to make the sample results more reliable.

As per SA 530, the auditor shall determine a sample size sufficient to reduce sampling risk to an acceptably low level.

Reference no: EM131992266

Questions Cloud

Describe the appearance of your six choices to your ceo : Describe the appearance of your six choices to your CEO so he or she will know what the art looks like and where it would be placed in the corporate offices.
Compute the f test statistic using the scheffe : Compute the F test statistic using the Scheffe's test to compare if there is a significant difference between Group 1 and Group 2.
How do you determine monthly profit for 20 stores : How do you determine monthly profit for 20 stores with variables such as store size, student population, advertising etc. by using linear regression?
Company cost of capital increases unexpectedly : If a company's cost of capital increases unexpectedly, which of the following actions is most likely to help it maintain or increase its share price:
Make the sample results more reliable : The cluster is less effective for a given sample size than unrestricted random and stratified samples as items are not individually selected.
Discuss the key ethical issues : HC2121 Comparative Business Ethics and Social Responsibility - Discuss the key ethical issue/s/ concerns raised in the article
Essay on GDP and Economic growth in Australia : HI5003 Economics for Business Essay Assignment. GDP and Economic growth in Australia last 5 years. Explain GDP. What is economic growth
Given experience as an organizational consultant : Given your experience as an organizational consultant, you have a client with a telephone company who has requested that you help diagnose
What environments would you show as within you : Consider the landscapes and overlays that inform your personal relationship with your environment.What environments would you show as within you?

Reviews

Write a Review

Basic Statistics Questions & Answers

  Statistics-probability assignment

MATH1550H: Assignment:  Question:  A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..

  What is the least number

MATH1550H: Assignment:  Question:     what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?

  Determine the value of k

MATH1550H: Assignment:  Question:     Experience shows that X, the number of customers entering a post office during any period of time t, is a random variable the probability mass function of which is of the form

  What is the probability

MATH1550H: Assignment:Questions: (Genetics) What is the probability that at most two of the offspring are aa?

  Binomial distributions

MATH1550H: Assignment:  Questions:  Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.

  Caselet on mcdonald’s vs. burger king - waiting time

Caselet on McDonald’s vs. Burger King - Waiting time

  Generate descriptive statistics

Generate descriptive statistics. Create a stem-and-leaf plot of the data and box plot of the data.

  Sampling variability and standard error

Problems on Sampling Variability and Standard Error and Confidence Intervals

  Estimate the population mean

Estimate the population mean

  Conduct a marketing experiment

Conduct a marketing experiment in which students are to taste one of two different brands of soft drink

  Find out the probability

Find out the probability

  Linear programming models

LINEAR PROGRAMMING MODELS

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd