When attempting to balance the sample size with the cost of data collection,the textbook illustrated that it is helpful to:
A)use an Excel spreadsheet.
B)rely on financial leveraging.
C)use a table that depicts data collection cost and sample error for different sample sizes.
D)use a table that depicts data collection cost and the costs of computing different sample sizes.
E)use a table that depicts data collection cost contrasted to the cost of not doing research.

Question

Quizplus · Accepted Answer

Using a table that depicts data collection cost and sample error for different sample sizes is the best way to balance the sample size with the cost of data collection. This table allows researchers to compare the cost of collecting data for different sample sizes and the accuracy of the results obtained from each sample size. By using this information, researchers can choose the sample size that provides the desired level of accuracy while also minimizing costs.

When Attempting to Balance the Sample Size with the Cost