Precision refers to closeness of findings to reality based on a sample
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1. Which research methodology requires researchers to gather data and information that can be converted to numbers for statistical analysis?
Statistical tools are tool which are purposively make or are use for data collection and analysis in research methodology. E.g destriptive. mean. standard deviation. chi_square e.t.c
to carry out research using quantitative methodology. To interpret relevant business statistics models. Use statistical data to make economic decitions.
There are 7 steps. Perception and formulation of the problem. Setting out or construction of a model of decision process. Specification of alternative course open. Solution of the model evaluating the outcome of each course of action of the basis of given criterion. Selection of a particular course and resolution of the decision process. Pre implementation tests an establishment of control over the solution with a degree of precision. Implementation of the decision reached.
There are several merits of using sampling as a methodology of research. Some of them include saving on time and labor, it significantly reduces the cost of the operation and so much more.