Western Governors University (WGU) BUS3100 C723 Quantitative Analysis for Business Practice Exam

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What is the primary purpose of sampling in quantitative analysis?

To gather exhaustive data from every individual

To make quick decisions without any data

To obtain insights with reduced time and costs

The primary purpose of sampling in quantitative analysis is to obtain insights with reduced time and costs. Sampling involves selecting a subset of a larger population to make inferences about that entire group. This approach is beneficial as it allows researchers to gather relevant data efficiently, significantly reducing the time and resources required compared to attempting to collect data from every individual in the population.

Using samples enables analysts to make data-driven decisions and draw conclusions without the logistical challenges and expenses associated with collecting complete data from a larger group. By capturing the characteristics of a smaller representative sample, conclusions can still be reliably extrapolated to the broader population, thus facilitating effective analysis while keeping costs and time to a minimum. This makes sampling an essential technique in quantitative research where a complete dataset may not be practical.

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