1)Answer: Sampling Terminology

Population
Sample
Sample Size
Sampling design
Sampling Unit
Sampling frame
 Population: A population or Universe is a group of phenomena that have
something in common. sharing A complete group of entities some common
set of characteristics is called Population or Universe. It is usually denoted
by the letter N.
 Sample: A sample is an unbiased of observations taken from a population.
The small group of students, families or electors from whom you collect the
required information to estimate the average age of the class, average
income or the election outcome is called the Sample. It is subset, or
population.
 Sample Size: A sample size is an unbiased number of observations taken
from a population. The number of students, families or electors from whom
you obtain the required information is called the sample size and is usually
denoted by the letter n.
 Sampling design: A sample design is the framework, or road map, that
serves as the basis for the selection of a survey sample. The way you select
students, families or electors is called the sampling design or sampling
strategy.
 Sampling unit: Each student, family or elector that becomes the basis for
selecting your sample is called the sampling unit or sampling element.
 Sampling frame: A list identifying each student, family or elector in the
study population is called the sampling frame. If all elements in a sampling
population cannot be individually identified, you cannot have a sampling
frame for that study population.
2)Answer: Key difference between Research methods and methodology.
RESEARCH METHOD
Research methods are the methods
used by researchers to collect data to
conduct research on a particular
research topic.
The objective of the research method is
to find the solution.
Research methods are useful to apply
during the latter stage of the research
process.
Research methods are small part of
research methodology.
Research methods consist of various
techniques where various studies and
experiments are used to conduct
research
Research methods consist of different
investigation techniques.
RESEARCH METHODOLOGY
A Research methodology is systematic
approach to solve the research problem
and to reach a new conclusion.
The objective of the research
methodology is to determine the
solution by applying correct procedures
of research.
Research methodologies are applied in
the initial stage of the research being
conducted.
A Research methodology is a multi-
dimensional concept. 4
Research methodologies are used to
explain the purpose of chosen methods
and how they will serve its function
Research methodologies is a systematic
strategy to achieve the decided
objective.

3) Answer: Types of sampling

There are 3 types of probability sampling-
(i) Simple Random Sampling
(ii) Stratified Random Sampling
(iii) Cluster Sampling

* Simple random sampling: A simple random sample is a subset of a statistical

population in which each member of the subset has an equal probability of being
chosen. A simple random sample is meant to be an unbiased representation of a
group. Again, there are also 2 types of simple random sampling. (i) with
replacement and (ii) without replacement.
 (i) With replacement – Consider a population of potato sacks, each of
which has either 12, 13, 14, 15, 16, 17, or 18 potatoes, and all the values are
equally likely. Suppose that, in this population, there is exactly one sack with each
number. So the whole population has seven sacks. If I sample two with
replacement, then I first pick one (say 14). I had a 1/7 probability of choosing that
one. Then I replace it. Then I pick another. Every one of them still has a 1/7
probability of being chosen. And there are exactly 49 different possibilities here
(assuming we distinguish between the first and second.) They are: (12,12), (12,13),
(12, 14), (12,15), (12,16), (12,17), (12,18), (13,12), (13,13), (13,14), etc.

(ii) Without replacement – Consider the same population of potato sacks,

each of which has either 12, 13, 14, 15, 16, 17, or 18 potatoes, and all the values
are equally likely. Suppose that, in this population, there is exactly one sack with
each number. So the whole population has seven sacks. If I sample two without
replacement, then I first pick one (say 14). I had a 1/7 probability of choosing that
one. Then I pick another. At this point, there are only six possibilities: 12, 13, 15,
16, 17, and 18. So there are only 42 different possibilities here (again assuming
that we distinguish between the first and the second.) They are: (12,13), (12,14),
(12,15), (12,16), (12,17), (12,18), (13,12), (13,14), (13,15), etc.

* Stratified random sampling: Stratified random sampling is a method of sampling

that involves the division of a population into smaller sub-groups known as strata.
In stratified random sampling, or stratification, the strata are formed based on
members' shared attributes or characteristics such as income or educational
attainment. There are two methods we can use-
(i) Proportionate stratified – Suppose the total population is 100 and the sample
is 50 (Nowhere is 50%). That means 50% from each group and proportionately.
(ii) Disproportionate stratified – Everything will be fine here. The total
population will be 100 and I will take 50 samples. But not at a proportional rate.
Here samples can be taken arbitrarily from the population, at disproportionate
rates.
* Cluster sampling: In cluster sampling, researchers divide a population into
smaller groups known as clusters. They then randomly select among these clusters
to form a sample. Cluster sampling is a method of probability sampling that is
often used to study large populations, particularly those that are widely
geographically dispersed
There are 3 types of cluster sampling –
 Single-stage cluster
(i) Decide the target audience and also the sample size.
(ii) Researchers divide the population into multiple groups or
units (cluster).
(iii) Data are collected from every unit or group in the sampled
clusters on a random basis.
 Double-stage cluster- Two-stage cluster sampling is used when the sizes
of the cluster are large, making it difficult or expensive to observe all
the units inside them. Then each cluster is divided into sub-cluster and
then a simple random sample is selected from the units in each sample
cluster.
 Multi-stage cluster- Multi-stage cluster sampling is used when the sizes
of the sub-clusters are large, making it difficult or expensive to observe
all the units inside them. Then each sub-cluster is divided into sub-
cluster and then one or more sub-clusters are chosen at random and
everyone within the chosen is sampled.

Answer no. 4
i)Answer: Population: A population or universe is a group of phenomena that
have something in common.

To research on the above issue target population are the shareholders and all
other people related to stock market. Shareholders are a group of phenomena
that have something in common. The shareholders invest in the stock market.
Although there is uncertainty and risk, the shareholder invest there to make profit
and financial stable.

ii)Answer: I would suggest Stratified random sampling method to select the

representative sample.

Stratified sampling is a probability sampling technique where in the researcher

divided the entire population into different subgroup or strata. Then randomly
selects the final subjects proportionately from different strata.

Two types of Stratified sampling:

1) Proportionate: When the researcher selects the same amount or number of

sampling from each strata.

2) Disproportionate: When sample is selected randomly and the selected number

from each strata is not equal to each other.

Here to select the representative sample the disproportionate stratified sample

should be used.