Question: a. Perhaps the most frequently asked question concerning sampling is what sample size do I need? The answer to this question is influenced by a

a. Perhaps the most frequently asked question concerning sampling is what sample size do I need? The answer to this question is influenced by a number of factors. Discuss. (10 marks)

b. The age structure of a particular companys workforce has been presented as follows:

Age (in years)

Male

Female

Under 30

610

244

30 but under 50

754

226

50 and over

666

174

i. Describe how you would design the sample to ensure that it is representative.

ii. The management of the company would like to use the survey results to assess the reaction of the workforce to merger plans. Determine the sample size required to estimate the percentage in favour, given that no prior information is available, to within 3% for the complete workforce within 95% (Z=1.96) confidence interval.

iii. On the basis of the sample size in above, give the characteristics of the sample.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!