<p><span style="color: #333333; font-family: 'Open Sans', sans-serif; font-size: 14px; background-color: #ffffff;">Distinguish between statistical and non-statistical sampling. And explain each of them</span></p>

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In: Finance

statistical and non-statistical sampling

Distinguish between statistical and non-statistical sampling. And explain each of them

Expert Solution

Statistical sampling requires a representative sampling objective in which each population unit must have an predictable chance of selection. In non-statistical sampling there is no guarantee that each population unit has a predictable chance of being selected. Note, however, that a population unit depends on how a population is defined. For example, an accounts receivable population can be viewed as a population of accounts, each account potentially having different values. Or the accounts receivable can be viewed as a population of dollar (monetary) units, with each unit having exactly the same value. This illustrates that even when using “scientific” statistical methodology we are still applying critical thinking concepts such as effect of perspective.

Raffay answered 1 year ago

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