Answer
The concept of infinite population:
A population is said to be infinite or uncountable if it is not possible to count the units possessed by the population. The number of bacteria in the body of a sick person is an example of an infinite population.
The concept of the correction factor:
The correction factor for finitepopulationis given by the following formula:
\[\text{Correction factor = }\sqrt{\frac{N-n}{N-1}}\ \]
Here, N is the population size and n is the sample size. The concept of finite population correction factor arises in case of simple random sampling without replacement, where the size of sample is greater than 5% of the size of the population.
The required sample size:
The finite population correction factor is given by the following formula:
\[\text{Finite population correction factor = }\sqrt{\frac{N-n}{N-1}}\ \]
If the size of the sample is less than 5% of population size, that is, $n\lt0.05N$, then the correction factor for the finite population can be ignored.
The reasons for ignoring the finite population correction factor.
The finite population correction factor can be ignored in the situations where the sample size is less than 5% of the size of the population.
The reason behind this approach is that when $n\lt0.05N$ the numerator of the finite population correction factor becomes very small as compared to its denominator. Therefore, the overall fraction becomes very small, thereby creating an almost negligible effect on the results.
Work Step by Step
Given above.
