When calculating the sample error for an SRS with no finite population correction factor there are three main components. Name and describe the three components. Give a simple formula of how they combine to estimate the sample error
The three main components to calculate sample error are,
1. Critical value of statistic - It is critical value of the sampling distribution at a given confidence level
2. Standard deviation - It is population or sample standard deviation of the parameter of interest
3. Sample size - Total number of observations to estimate the parameter.
Sample Error = z *
where
z is critical value of standard normal distribution at a given confidence level
is the population standard deviation
n is the sample size
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