Question
What is the purpose of calculating an appropriate sample
size in data analysis?Solution
Calculating an appropriate sample size is crucial to minimize sampling error, the discrepancy between sample estimates and actual population parameters. A well-determined sample size ensures that the findings from the sample are statistically reliable and can be generalized to the larger population. Too small a sample can increase sampling error, while an excessively large sample may lead to unnecessary data collection and resource use. Therefore, determining sample size carefully balances accuracy and efficiency in data analysis. Option A is incorrect because larger samples do not always guarantee better results and can be resource-intensive. Option B is incorrect as the goal is to reduce bias, not maximize it. Option D is incorrect because focusing on a single variable limits the scope of analysis. Option E is incorrect as sample size determination does not eliminate the need for data validation, which is necessary to ensure data quality.
'Anoop' and 'Bheem' started a business with investments of Rs. 3250 and Rs. 3750, respectively. Four months into the business, 'Chitra' joined them with...
Akash invested some money in a venture for a period of 5 months. After 3 months of his investing, Brijesh invested some amount such that the ratio of in...
- P and Q started a business by investing Rs. 24000 and Rs. 30000, respectively. After 4 months, R also joined them by investing Rs. 36000. If the annual pro...
Seeta, Geeta and Reeta invested Rs. 8000, Rs. 10000 and Rs. 12000 respectively. Partnership condition is that, each will get interest on his capital at ...
- Maya and Neha started a business with Rs. 24,000 and Rs. 18,000. After 6 months, Maya added Rs. 6,000 more, and Sara came in with Rs. 30,000. If the profit...
A and B invested Rs.5000 and Rs.9000 in a business respectively and after 4 months B withdrawn 50% of his initial investment and again after 5 months he...
βAβ started a business by investing Rs. 1,200. Eight months later, βBβ joined him by making an investment which is equal to 60% of the investmen...
βXβ and βYβ started a business together. The amount invested by βXβ is 40% more than that of βYβ, while βYβ invested his amount for ...
A, B and C invest in a business, A invests twice as compared to B and C invests 90% more than A's investment, if all invest for same time duration, then...
- Shyam and Tarun invested Rs. 1800 and Rs. 2700 respectively in a business. After 6 months, Dinesh joined with Rs. βxβ. If Shyamβs share from a total ...