Explain the importance of sampling in solving business problems.
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Sampling helps an organization to stay in connect with its customers for their requirements, needs, and feedback which is so valuable for every business and organization to grow in this competitive market. Every organization is implementing different types of research techniques to collect the required data.
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Sampling is a statistical procedure of drawing a small number of elements from a population and drawing conclusions regarding the population.
Explanation:
- The assumption is that the sample is representative of the entire population. Small-business owners use sampling when determining new market niches, products and satisfaction levels.
- SAMPLING In business decision making, sampling plays an important role as the target population is too large to study. As an efficient method to obtain information about a population, one frequently needs to sample from a population.
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