In: Finance
With two examples each, distinguish between the following pairs of terms
a. i. Probability and non-probability sampling [ 4 Marks ]
ii. Open-ended and closed-ended questions [ 4 Marks ]
Distinguish between two-
a.i) Probability Sampling is a sampling technique in which the subjects of the population get an equal opportunity to be selected as a representative sample. Fir eg: If you have a population of 100 people every person would have odds of 1 in 100 for getting selected.
Non probability is a sampling method wherein it is not known that which individual from the population will be selected as a sample. For eg:Friends, co- workers or shoppers at a single mall .
ii) Open ended questions are broad and can be answered in detail. For eg: What do you think about this product? While closed ended questions are narrow in focus and usually answered with a single word yes or no.
Open ended questions are questions that allow someone to give a free- form answer.
While close ended questions are often good for surveys, because you get higher response rates. These type of questions can easily be analyzed statistically.
Examples of closed ended and open ended questions-:
1. Closed ended- Are you satisfied?
Open ended- How satisfied/ dissatisfied are you with process?
2. Close ended-Did you find it?
Open ended- explain how you would find...?
b. I)Traget population is the group to whom we wish to generalize our findings. Eg: Company' s customer base, the population of a particular country, the students at a particular University or tenants of a housing association.
Accessible population is the actual sampling frame from which we randomly drew our sample.
ii) The Likert scale is a common way of asking the level of agreement and disagreement. The visitors will have a question and should be familiar to anyone used to making or taking surveys. The basic format of scale is
- strongly disagree
- disagree
- neither agree or disagree
- agree
- Strongly agree
Ranking is to allow the viewer to rank the choices in order of preference. The most common use is as a follow up questions asking to indicate the hierarchy of most to least preferred choices and can be either be set to required every item be ranked or set to a custom number like top 3.
iii) Multiple choice- types of questionnaire that provides respondents with multiple answer options. It is called objective response questions too. It requires respondents to select only correct answers from the choice options.
Contingent questions- A question that is answered only if the respondent gives a particular response to a previous question. This avoids asking questions from those people that did not apply to them( for eg: asking Men if they have gynae problem; automatically inapplicable)