State another name of Random Sampling ?? in economics
Answers
Answer:
Random sampling method refers to a method in which every item in the universe has an equal chance of being selected. It is also known as Probability Sampling or Representative Sampling.
Explanation:
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Answer:
Random Sampling is also called Probability Sampling.
Types of Random Sampling :
The random sampling method uses some form of random selection. With this procedure, all authorized persons have the opportunity to select the sample from the entire sample area. It is an expensive and time consuming method. The advantage of using probability sampling is that it ensures that the sample represents the population.There are four main types of this sampling method:
- Simple Random Sampling
- Systematic Sampling
- Stratified Sampling
- Pooled Sampling
Simple Random Sampling
In this sampling method, each member of the population has an equal and likely chance of being included in the sample (e.g., each member of a group is tagged with a specific number). Since the selection of the element depends exclusively on chance, this procedure is called "Random Selection Method". Also, the sample size is large and the item is chosen at random. That is why it is also called "representative sampling".
Systematic Random Sampling
This method selects items from the target population by choosing the random selection point and selecting the other methods after a specified sampling period.It is equal to the ratio of the total population size to the required population size.
Stratified Random Sampling
This sampling method divides a population into subgroups to obtain a simple random sample from each group to complete the sampling process. These small groups are called layers. The small group is created based on some characteristics of the population. After dividing the population into smaller groups, the researcher randomly selects the sample.
Cluster Sampling
Cluster sampling is similar to stratified sampling, except that the population is divided into a large number of subgroups (eg, hundreds of thousands of strata or subgroups). Thereafter, some of these subgroups are randomly selected and simple random samples are then collected within these subgroups. These subgroups are called clusters. It is essentially used to reduce the cost of data collection.
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