Question
Download Solution PDFIn simple random sampling of n units from a population of N units the quantity [1 - (n / N)] is called the
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFExplanation
I understand that when sampling from a finite population and our sample size is more than 5% of the population, we need to make a correction on the sample's mean and standard error using this formula:
⇒ FPC = N - n/(N - 1)
Where N is the population size and n is the sample size.
∴ In simple random sampling of n units from a population of N units the quantity [1 - (n / N)] is called the finite population correction factor
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