Sample Size calculation

Sample size calculation:

Scenario 1: I don't know neither population mean, population standard deviation nor sample mean and sample standard deviation.

Use the Slovins formula


Sample size = N/ ( 1+N(e)2)

Example:

Say, There are six lakh households in city X and you would like to find monthly grocery purchased by these households. You would like to find the sample size for your research. You would like to allow 5% error in the research. Then sample size should be calculated as below

Sample Size = 600000/ 1+ 600000( 0.05)2
                    = 399.73
                   =  400 samples are required for the research.

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Sample Size calculation using Excel

Can we calculate sample size using Excel? Yes.

Sample size can be calculated using a confidence  function in excel and followed by Goalseek function   with What if analysis of Excel.

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