Business Analysis: Significance of Population and Sampling Techniques

Business Analysis

Table of Contents
QUESTION 1...................................................................................................................................1
a) Significance of population..................................................................................................1
b) Sampling techniques..........................................................................................................1
QUESTION 2...................................................................................................................................3
Explaining the main difference between primary and secondary data ..................................3
Explaining advantages and disadvantages of primary & secondary data ..............................5
QUESTION 3...................................................................................................................................7
a) Mean...................................................................................................................................7
b) Mode..................................................................................................................................8
c) Standard deviation..............................................................................................................8
Question 4........................................................................................................................................9
Explaining management information system contribution in decision making ....................9
REFERENCES..............................................................................................................................12
APPENDIX....................................................................................................................................13

QUESTION 1
a) Significance of population
The research population is a large collection of an individual or object whose focus is to
relate the scientific query. Through population, researcher is able to observe the behavior, trend
and pattern in such a way that helps to interact with the world and answer the defined question
as well (Agénor, 2020). Thus, it can be stated that population is a complete set of all elements
who shared a common characteristic defined by sampling criteria. For each defined task, scholar
choose population that helps to derive valid output. For example, in order to conduct a study
upon obesity and its impact over elder age group, investigator choose old age group as a
population because it will be beneficial to answer the research question.
Therefore, the researcher arise questions which can be answered by population in order
to generate the best answers. Further, this is usually more feasible when the population is small
and 3easily accessible by the researcher so that effective results can be drawn. With the help of
Cornucopian theory it has been analyzed that human ingenuity can resolve different
environmental or social issues. In the same way, by considering the scenario it has been
analyzed that to introducing a holiday scheme, colleagues can selected as a population in order
to generate the best results.
Overall, it can be stated that with the help of population most of the individual are
selected as a sample in order to draw a valid result. It is so because derive results on the basis of
population is not possible and this in turn helps to provide the best outcomes (Mukoka,
Chibhoyi and Machaka, 2020). Further, in the research terminology, population have a common
characteristic through which researcher is interested in order to derive positive outcomes so that
it will distinguish from other groups as well.
b) Sampling techniques
In research term., sample is referred to the group of people and items which are chosen
from large population for measurement so that investigator is able to generalize the findings
from research sample to population as a whole. In the context of present scenario, it has been
analyzed that colleagues can be selected from the population so that company may determine the
holiday pay is a better option for the company or not. There are range of sampling technique
used by the researcher on the basis of their aim and objectives, such as:
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Simple random sampling: This is one of the most common sampling techniques used by
the researcher. Under this method, each member from the population has an equal chance to be
participant. Generally, the method is used when researcher has prior information about target
population (Saptono and Mine, 2020). For example, in order to examine the impact of flexible
working environment within company's employee performance, simple random sampling
method can be chosen in which 30 employees out of particular department can be selected
randomly. This in turn reflected that each individual have an equal opportunity to being
participated within a study.
Systematic sampling: In this method, scholar select members from population for a
regular interval that might helps to meet the defined aim. Also, it eliminates the phenomenon of
clustered selection and a low probability of contaminating data that assist to provide valid
results. Moreover, through systematic sampling strategy, investigator easily chooses sample for
a specific tenure with a degree of control. For example, if local NGO is seeking to form a sample
of 500 volunteers from a population of 5000 people, the researcher can select every 10th person
in the population in order to derive the best results.
Stratified sampling: It is another method of sampling which can be partitioned into sub-
population. So, it can be stated that with the help of division of entire population into smaller
one win which strata can be formed (in which member shared attributes like income, education
attainment). With the help of this method, researcher is able to provide proper control over the
population and also ensure that all the participants are equally participated within a study (Nayak
and Singh, 2021). For example, in order to determine the alcohol consumption rat among people
of UK, stratified sampling technique can be used in which sample can be chosen from sub-
category of ages i.e. 18 to 25, 25 to 35, 35 to 45 so on.
Quota sampling: This methodology is fall under non-probability sampling method in
which researcher decide and create quotas so that market research samples assist to gather valid
information. Also, the sample can be generalized to entire population. For example, government
may place a quota that is limiting to neighboring nation in order to import more than 15 tons of
food grain (Stehman and Overton, 2020). On the other side, this sampling technique is highly
used because it saves research cost and also monitor number of types of an individual who took
participate in the survey. Thus, it is reflected that it is easy process to carry out that helps to
derive best results within a limited time frame.
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