Answered: What are the two types of simple random…

What are the two types of simple random sample selectionmethods? Which of the two methods is used most often by auditors and why?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section: Chapter Questions

Problem 44P

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

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Mr. Murray decides to use stratified sampling. The reason for using stratified samplingrather than unrestricted random sampling is to(1) reduce as much as possible the degree of variability in the overall population.(2) give every element in the population an equal chance of being included in thesample.(3) allow the person selecting the sample to use personal judgment in decidingwhich elements should be included in the sample.(4) allow the auditor to emphasize larger items from the population.
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