Sample Size Calculation

SAMPLE SIZE CALCULATION // How many samples do I need to look at to say confidently that my sample represents the entire population?

Most of the time when we talk about statistics, we aren’t able to look at the entire population of the thing we’re trying to measure and understand. A population is a large - sometimes infinitely large - group about which we need information.

To have a chance at understanding this, we’ll look at a subset of the population - a sample or smaller group selected from the population. Ideally we want a random sample - a sample where every member of the population has an equal chance of being selected and selecting one member has no impact on selecting another member. This is extremely hard to do.

We’re trying to answer this question as a case study:
There are 400million m&ms made every day. How many do I need to look at to have a high level of confidence that I know the exact percentage of each color that they make?

What you will learn in this video:
how to calculate sample size for infinite population
how to calculate sample size for finite population
what to do when you can’t get a random sample

#dataanalyst #statistics
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   • Sample Size Calculation