National open university of nigeria introduction to econometrics II eco 356



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Introduction to Econometrics ECO 356 Course Guide and Course Material
Introduction to Econometrics ECO 356 Course Guide and Course Material
1.1.3.4.2 Reasons for sampling
Information could be obtained by taking a complete enumeration of the whole population or aggregate. This is usually difficult as information on every element is rarely available. Therefore, it is better to employ sampling method to obtained information than complete enumeration for the following reasons
i.
Reduce cost: if data are secured from only a small fraction of the aggregate, expenditures are smaller than if a complete census is attempted. With large populations result accurate enough to be useful can be obtained from samples that represent only a small fraction of the population.



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