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Determine the amount of variation in pricing explained by the variation in availability.

The simplest type of random sample is a simple random sample, often called an SRS. Moore and McCabe define a simple random sample as follows:

A simple random sample (SRS) of size n consists of n individuals from the population chosen in such a way that every set of n individuals has an equal chance to be the sample actually selected.1.

Here,  population refers to the collection of people, animals, locations, etc. that the study is focusing on. 

Some examples:

  1. In a medical study, the population might be all adults over age 50 who have high blood pressure. 
  2. In another study, the population might be all hospitals in the U.S. that perform heart bypass surgery. 
  3. If we are studying whether a certain die is fair or weighted, the population would be all possible tosses of the die.

In Example 3, it is fairly easy to get a simple random sample: Just toss the die n times, and record each outcome. 

Selecting a simple random sample in examples 1 and 2 is much harder. A good way to select a simple random sample for Example 2 would proceed as follows:

First, obtain or make a list of all hospitals in the U.S. that perform heart bypass surgery. Number them 1, 2, … up to to the total number M of hospitals in the population. (Such a list is called a sampling frame.)
Then use some sort of random number generating process2 to obtain a simple random sample of size n from the population of integers 1, 2, …,  M.  The simple random sample of hospitals would consist of the hospitals in the list that correspond to the numbers in the SRS of numbers.

An unbiased random sample is important for drawing conclusions. For example when we took out the sample of 30 employees from the total population of 300 employees, there is always a possibility that a researcher might end up picking over 25 men even if the population consists of 200 men and 100 women. Hence, some variations when drawing results can come up, which is known as a sampling error. One of the disadvantages of random sampling is the fact that it requires a complete list of population. For example, if a company wants to carry out a survey and intends to deploy random sampling, in that case, there should be total number of employees and there is a possibility that all the employees are spread across different regions which make the process of survey little difficult.