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What some pros and cons to using sample data in decision making?
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Usage of sample data in decision making.Here the word sample means selecting few out of many items. Sampling means selection of individual observations intended to give some knowledge/opinion about the entire population for the purpose of making inference about the population. Therefore, in the sampling following steps are to be followed.
1.Defining the population .ie., entire items from which sample needs to be chosen.
2.Defining the sample size.ie., number of items needs to be selected from the population.
3.Method of sampling whether probability or non-probability …
