New Register for Workshop on How to start for NABARD 2025 (Stepwise Plan) - Apr 26, 7 PM

    Question

    How is the optimal sample size determined in statistical

    analysis?
    A By selecting a random number of observations based on convenience. Correct Answer Incorrect Answer
    B By using a formula that considers the margin of error and the confidence level. Correct Answer Incorrect Answer
    C By using trial and error until results are satisfactory. Correct Answer Incorrect Answer
    D By ensuring the sample is as large as possible to maximize accuracy. Correct Answer Incorrect Answer
    E By collecting a sample of 10% of the population. Correct Answer Incorrect Answer

    Solution

    The optimal sample size is determined using statistical formulas that balance the desired margin of error (the degree to which the sample's estimate can differ from the true population value) and the confidence level (the likelihood that the sample's results reflect the population's characteristics). These calculations ensure that the sample size is large enough to be statistically significant, but not unnecessarily large, which could waste resources. Factors such as the population size, variability within the population, and the desired precision of the results all play a role in determining the sample size. Why Other Options Are Incorrect: • A: Convenience-based sampling can introduce bias and does not ensure a representative sample. • C: Trial and error is an inefficient approach and does not guarantee statistical significance. • D: Collecting an unnecessarily large sample may increase costs and time without improving accuracy. • E: A fixed percentage of the population is not an appropriate method for determining sample size. The size must be calculated based on statistical principles.

    Practice Next