What Finite population correction is
Finite population correction (FPC) is a method used to adjust sample estimates to account for the effects of finite population size. It is commonly used in survey sampling, where the population size (N) is often much larger than the sample size (n). The adjustment is achieved by dividing the sample estimate by a factor that takes into account the sampling fraction (n/N).
The steps for Finite Population Correction are as follows:
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Estimate the population size (N).
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Calculate the sampling fraction (n/N).
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Calculate the finite population correction factor (FPC). This is usually done by subtracting the sampling fraction from 1 and then dividing by the sampling fraction.
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Calculate the adjusted estimate. This is done by multiplying the original sample estimate by the FPC factor.
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Report the adjusted estimate. This is the final estimate that should be reported.
Examples
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Finite population correction can be used when drawing a sample from a finite population to estimate a population parameter such as a mean or proportion.
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Finite population correction is used when analyzing data from a survey where the response rate is not 100%.
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Finite population correction is used when estimating the variability of a statistic from a survey of a finite population.