Power of Sampling – Key to Insightful Data
Now that we have driven home the point about how data is major contributor in driving strategic business decisions, it’s time to understand how to access this authentic and quality data in the whirlpool of information. Read on to find out about sampling and how it is the key to gather insightful data.
What is a sample? A sample is a representative of population which is used to generalize the findings from research analysis to the population or set Target audience as a whole and sampling is selection of subset of individuals from within a statistical population to estimate characteristics of the whole population.
Why is it necessary? Simple, it cuts down the expensive and time consuming process of data collection from whole lot of population and gives an unbiased opinion and views of the target audience and their real-time insights can be used to strategize and make better business decisions. If done correctly, sampling provides accurate information that will enable organizations to anticipate and respond to market demand and grow revenue.
How is it done? A sample design involves deciding the sample size, method of selection and analysis techniques. The nature of sample design, whether simple or complex, depends upon the type of information required and mode of selection. While selecting the sample size care must be taken that it is large enough to accommodate margin of error. Once the sample size is determined, respondents are screened to see if they meet the criteria of the selection which is predetermined based upon the requirements of the survey.
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