You are an intern, working with the statistical expert tasked with completing the study for the...

You are an intern, working with the statistical expert tasked with completing the study for the bank. She is interested in your thoughts on the project, and has asked you to write up your answers to the following questions, devoting a short paragraph to each question.

Identify the sampling method (Cluster, Simple Random Sample, Stratified Random Sample, Convenience, etc.) that would best ensure that your sample would reflect the overall population of branch customers. Briefly explain your reasoning.
If the bank’s population is comprised of 2500 local customers, how many do you think would be good to survey?

Expert Solution

Hey there,

1. Identify the sampling method (Cluster, Simple Random Sample, Stratified Random Sample, Convenience, etc.) that would best ensure that your sample would reflect the overall population of branch customers. Briefly explain your reasoning.

The best sampling method would be stratified random sample which will relatively ensure that all the characteristics of a population are reflected in the sample to be evaluated.

Under Stratified Random sample method population is divided into homogeneous strata and then randomly sample from within each stratum. it will ensure each subgroup within the population receives proper representation within the sample. Stratified random sampling provides better coverage of the population since the researchers have control over the subgroups to ensure all of them are represented in the sampling.

2. If the bank’s population is comprised of 2500 local customers, how many do you think would be good to survey?

Here in the question, under stratified random sampling method, the population of 2500 customers could be homogeneously divided into different strata on the basis of nature of account holding i.e. general account holders, community-care account holders, premium account holders and enterprise account holders. Then stratified sample of 125 customers from each type of account (total 500 customers which will be 10% of the population) could be randomly analysed.

However, the size of sample depends upon its utility to the end user of the information extracted, in the given example 10% of population will most likely be able to represent the whole population.

Hope this answers your question,

Best of Luck.

ekkarill92 answered 7 months ago

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