When auditing a company, auditors use a combination of professional judgment and statistical sampling methods to estimate account balances. Statistical sampling is an efficient way to design samples, ...

Jason Fernando is a professional investor and writer who enjoys tackling and communicating complex business and financial problems. Erika Rasure is globally-recognized as a leading consumer economics ...

Low statistical power undermines the purpose of scientific research; it reduces the chance of detecting a true effect. Perhaps less intuitively, low power also reduces the likelihood that a ...

Power analyses and sample size calculations are important parts of many research projects. Often, before data are even collected, it is necessary to calculate and justify the required sample size for ...

Stratified mean-per-unit sampling is a key tool used by auditors. The popularity of this statistical procedure arises from its unique ability to produce trustworthy ...

Wondering how many people in the United States have a smartphone? If you poll 20 people on the street, your survey won’t be representative of the entire American population. But if you just want to ...