In: Accounting
You are attempting to determine whether you are taller or shorter than the average student currently enrolled in your university. You have just learned about sampling and have decided to sample students to determine the average height at your university.
Required: What are some advantages and disadvantages of using sampling to answer this question as opposed to examining the entire population? Give some other examples of when you would be more likely to use sampling (applied to this particular example) as opposed to examining the entire population. In what cases might you want to examine the entire population?
Sampling
A sampling is an audit or inspection procedure in which we divide the entire area of population in which we have to inspect/check/audit into a small groups or small area or small region, Out of , which we select some of the units in the population randomly from each such groups irrespective of any of the criteria
Advantages of Sampling
1.Reduce in time of spending:
It helps in reducing of time and getting closet results approximately if the full checking/auditing is done .It probably reduce time and money. In order to be checking the accurate we can choose this method.
2.Provide Near accurate results:
It provide very near accurate results in a less span of time and with almost a less work and Money.
This can be applied when massive checking of population is there, at least get the benefit observing all the groups irrespective of unit size
3.Less Cost:
Sampling gives good results with less cost and Utilise the time available in a most efficient and effective manner to obtain accurate and almost the nearest results.
4.Much useful when resources are less:
When the resources having inadequate in the organisation but required to check the entire population, sampling is the best method in order to compensate and almost got closet results.
DisAdvantages of Sampling:
1. Inadequate knowledge :
When the researcher doesn’t have the requisite knowledge in order to analyse the sampling data and fails to apply appropriate sampling methods which leads to inaccurate report .
2. Difficult to apply in some cases:
In some of the cases it is almost impossible to apply because it doesn’t produce the accurate data ,it is difficult where entire population is required to audit in order to getting a exact accurate report
3. Inaccurate Results:
If the sampling expert is unable to take the best samples from a Population which automatically lead to deteriorating the results
In what cases might you want to examine the entire population? And Opposition to applying the sampling ?
When a researcher required to report on entire population
Need to get exact report on overall population
Where report is required to support the investigation