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Cost- sampling decisons
σ x¯ =S/√n
Where is the standard error of he mean is the standard devaluation of the population and n is the sample size. Here the standard error of the mean is expressed in terms of money i, e. ± Rs. 10. If the standard deviation is 100 the factor for 95 percent confidence is 1.96 of standard deviation. Thus the actual size of the sample would be
10/ 1.96 = 100/√n
√n = 196/10
N = 384
The total cost of the budget been reduced from Rs.8000 to Rs. 7680= ( 384x 20)
Another alternative may be to increase the allowable error from a lower level to higher level provided it does not affect the attitude of the respondents. For example if the error is increased to 15, the sample size will be
σ x¯ =s/√n
1.5/1.96= 100√n
√n= 196/ 15
N= 169
Thus the total budget will be reduced from Rs. 8000 to Rs. 3380= ( 196x 20)
Simple Random Sampling This is simplest and most popular technique of sampling. In it each unit of the population has equal chance of being included in the samp
G. Ambler has € 10000 available for a second hand car, but would like to buy a fast car that costs € 25000. He needs the money for that car quickly, and would like to increase his
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