ACCURACY IN STATISTICAL SAMPLING.
The foregoing has been a brief description, using a hypothetical example, of the process followed by the statistician in making an estimate from a statistical sample, in specifying the accuracy of the estimates in terms of reliability and precision, and in designing the sample. As a brief description, the discussion has been restricted to the case of simple unrestricted random sampling and is necessarily simplified. The full complexities of statistical theory have been avoided and the many practical problems which are faced in instituting a statistical sampling plan have not been discussed. Despite omissions, it is hoped that the accountant has gained some insight into statistical sampling procedures and the language of the statistician. Particularly, it is hoped that the accountant has gained understanding of the concepts of precision and reliability which the statistician uses in defining accuracy. Known accuracy--known precision and reliability--is one of the major advantages of statistical sampling. When the accountant uses statistical sampling, he can benefit from this advantage of determinable accuracy by specifying the levels of precision and reliability he desires for the estimate being made. However, if these basic concepts of statistical sampling are not understood, the advantages of statistical sampling may not be realized.
- DOI
- 10.2308/tar-7133153
- Volume
- 34 (3)
- Pages
- 356-365
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref