In: Economics
There are many factors that impact a sample size. Discuss the factors in regard to a large sample and a small sample, elaborate on the factors for each, 2-3 pages.
Sampling of a population is a process that consists of taking a subgroup of subjects that are representative of the entire population. Generally, sampling is done because it is impossible to test each individual in a population. It is also use in order to save time and money.
It is not possible to speak of an exact size of the sample, since it can vary depending on the different research frameworks. However, if everything else is equal, a large sample provides more accurate estimates than a small sample. Nevertheless, having a large sample without really having to can be seen as a waste of limited resources. The important question to be answer is: what is the representative sample of the population that I want to investigate?
The choice of sample size depends on both, statistical and no statistical considerations. Non-statistical considerations may include the availability of resources such as enough workers to conduct interviews or surveys, lack of budget, ethical issues, inability to reach the entire population and the type of sampling that is chose. On the other hand, statistical considerations include margin error, confidence level and degree of variability.