In: Statistics and Probability
First off, to choose the right sample size for a simple random sample, you need to define the following inputs:
You will also need to know the variance of the population, s2. Given these inputs, the following formulas find the smallest sample size that provides the desired level of precision:
Sample Statistic | Population size | Sample Size |
Mean | Known | n = { z2 * s2 * [ N / (N - 1) ] } / { ME2 + [ z2 * s2 / (N - 1) ] } |
Mean | Unknown | n = ( z2 * s2 ) / ME2 |
Proportion | Known | n = [ ( z2 * p * q ) + ME2 ] / [ ME2 + z2 * p * q / N ] |
Proportion | Unknown | n = [ ( z2 * p * q ) + ME2 ] / ( ME2 ) |
The following formulas can be used to determine the required statistics (mean, variance, standard deviation etc.):
Hope this helps!