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RESEARCH ANDSTATISTICAL METHODSTUDENT ID:[Pick the date]
Question 1A key dilemma which every researcher typically has to address while conducting research itwith regards to the appropriate same size. For reliable results from the research, it is pivotalthat the sample obtained should be a faithful illustration of the population of interest that theresearcher intends to replicate. It is known that there is an inverse relationship betweenstandard error and sample size. Thus, it is clear that by increasing the sample size, theresearcher can enhance the overall accuracy of the research. However, a flip side is the use ofhigher resources (both financial and non-financial). On the contrary, if a smaller sample sizeis selected, then the cost and resource use would be lowered but so would the accuracy(Eriksson & Kovalainen, 2015).Hence, amidst this trade off, the researcher needs to decide on the requisite priorities ofdifferent factors so that decision on appropriate sample size can be made. In this context, it isnoteworthy that another parameter which is of immense consideration is the underlyingheterogeneity that is present in the population. A population that is diverse in terms of keyattributes would typically require a larger sample size so as to ensure that all these diverseattributes and represented faithfully. This is also apparent from the following mathematicalexpression pertaining to minimum sample size (Hair et. al., 2015).On the basis of the above mathematical formula, it is apparent that higher accuracy (lowerMOE) would require a larger sample size. Further, more heterogeneity in population(implying high σ) would lead to higher sample size (Flick, 2015).It is essential that the sample size selected for the given research study needs to be analysedin the wake of the above background. For the study under consideration, 21% of thepopulation has been used as a sample. However, this seems an appropriate number in thiscase. One of the reasons is the population is quite heterogeneous owing to importantdemographic parameters along with others which are different. Additionally, it might bepossible that the strength of certain banks may be quite less and therefore lower than 21%samples may not lead to representative sample (Hillier, 2016). Therefore, a relatively highsample size is not a concerning factor for the given research.
Question 2Considering that the employees have been randomly selected for participation in the study, itis apparent that random sampling is used. However, it needs to be ascertained is classificationhas been done before deploying random sampling. It is clear from the information providedthat 21% of the employees from each are selected without an specific quota for key attributessuch as gender, education, age and level. This clearly highlights that the appropriate samplingmethod in the given case would be simple random sampling and not stratified randomsampling.Advantages1)One of the key advantages of this sampling technique is the ease of usage with minimalknowledge of sampling. This is quite significant for this study since a large amount ofsamples can be very easily selected through simple random sampling (Flick, 2015).2)This method is cost effective considering unlike stratified sampling, there is no need forclassification of data. Also, errors related to classification are also not there (Hair et. al.,2015).3)For a homogenous population, simple random sampling yields representative sample andthus is quite useful (Eriksson & Kovalainen, 2015).Disadvantages1)The major issue with this sampling technique is when encountered with a populationhaving different attributes and hence random selection can often lead to a situation whereeach of the attributes are not aptly represented in the sample. This may be a concern in thegiven research study as demographic variables for bank employees are pivotal for thestudy and thus preferably classification should have been carried out. However, in thegiven case this concern would be mitigated to come extent since a relatively high samplesize has been used (Hillier, 2016).2)If the underlying sample tends to be non-representative, then the standard error would behigh and the accuracy of the study would have adverse impact (Flick, 2015).Question 3