Simple random sampling is a method used to cull a smaller sample size from a larger population and use it to research and make generalizations about the larger group.
What is sampling?
- The accuracy and completeness of account balances in the financial statements are assessed using sampling by a Certified Public Accountant (CPA) conducting a financial audit. "Audit sampling" refers to sampling carried out by an auditor.
- When the population, in this case the account transaction data, is large, audit sampling is required. Managers in a business may also evaluate the success of marketing initiatives or the demand for new products using customer sampling.
- The sample picked should fairly represent the entire population. When selecting a sample from a larger population, it's crucial to take the sample selection process into account. A representative sample must be drawn at random from the entire population in order to be accurate.
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