RESEARCH METHODOLOGY

Detailed explanation-1: -For random samples of size n selected without replacement from an underlying population, the variance of the mean of all possible samples is equal to the modified variance of the underlying population divided by the sample size, multiplied by the finite population correction (FPC) factor.

Detailed explanation-2: -The population variance is the variance of the population. To calculate the population variance, use the formula 2=1NN∑i=1(xi−)2 2 = 1 N ∑ i = 1 N ( x i − ) 2 where N is the size of the population consisting of x1, x2, …

Detailed explanation-3: -In sampling without replacement, the formula for the standard deviation of all sample means for samples of size n must be modified by including a finite population correction. The formula becomes: where N is the population size, N=6 in this example, and n is the sample size, n=4 in this case.