Statistical sampling;

CPA-Quantitative-Analysis-Section-4 BLOCK RELEASE

This refers to the systematic selection of representative elements of a population. The selected elements are examined closely and the results assumed to reveal useful information about the entire population.

Statistical sampling is used when the target population:
o Is too large and it‘s impractical to examine every document or talking to everyone in the organization to gather facts.
o Contains homogenous elements (elements with similar characteristics).
o Time is limited

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