The answer is already given, all you need to do is explain NUMBER 5 to me. Please see additional guidelines.

Assuming that a study on risk management practices is to be conducted among 4,488 entrepreneurs wherein 2 ,244 are college graduates, 1,346 are high school graduates and the remaining 898 are elementary graduates. Furthermore, 1,795 of them are into food business, 1,571 are into merchandising or trading business and the others 1,122 are into services business.

REQUIRED: Apply the steps in the Sampling plan in order to select the actual samples and kindly make your own assumptions: Each step is identified and explained properly.

Answer:

1. Define the Population from which the sample is to be drawn. The population is the 4,488 entrepreneurs.

2 Specify the population frame from which the sample will be taken. Assumption that there is a list of the 4,488 entrepreneurs to be included in the study.

3. Choose the sampling method of selecting the samples. Since there is a list, then the sampling method to be chosen is the Stratified Random Sampling so that the strata are also properly represented.

4. Determine the sample size requirement for the study. Assumption, the Sloven's formula is used at 5% error .

Slovin's formula

- is used to calculate the sample size (n) given the population size (N) and a margin of error (e).

- it's a random sampling technique formula to estimate sampling size

-It is computed as n = N / (1+Ne2).

whereas:

n = no. of samples

N = total population

e = error margin / margin of error

Solution:

n = N / (1 + Ne^2)

n = 4488 / [1 + 4488*(0.05)^2]

n = 4488 / [1 + (4488*0.0025)]

n = 4488 / (1 + 11.22)

n = 4488 / 12.22

n = 367. 27 0r 368

5. Select the actual samples

Educ Attain	N	rf	n	Business	N	rf	n
College	2244	0.50	184	Food	1795	0.40	147.2=148
High School	1346	0.30	110.4=111	Merchandising	1571	0.35	128.8=129
Elementary	898	0.20	73.6=74	Service	1122	0.25	92
TOTAL	4488	1.00	368=369	TOTAL	4488	1.00	368=369

Here is the Reference for STEPSINTHESAMPLINGPROCESS:

1. Define the population from which the sample is to bedrawn.
2. Specify the population frame from which the sample willbe taken.
3. Choose the sampling methods on selectingsamples.
4. Determinethesamplesizerequirementforthestudy.
5. Selecttheactualsamples.