Cost- sampling decisons, Operation Research

Cost

The  cost factor  is a very  important  factor in determining  the size of the  sample. The budget for research should be properly  decided. The management may not like to  exceed the sample size  because of cost  constraint and may  remain  satisfied with a  lower level of confidence. For  example  if the cost  of sampling  per unit  is Rs. 20 including cost  of field  work,  training  and  supervision coding editing tabulation and writing the report the management may select only  400 units if  the budget or research is merely Rs. 8000. If the cost of research is more than Rs. Or consider the original study approach. On  the other hand if the management considers retaining the research  study it may reduce  the confidence level  from  99 percent   and thus  reduce  the sample size.

Posted Date: 2/26/2013 2:45:43 AM | Location : United States







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