If you take a population sample, you must use a formula to figure out what sample size you need to take. Sometimes you know something about a population, which can help you determine a sample size. For example, it’s well known that IQ scores follow a normal distribution pattern. But what about if you know nothing about your population at all? That’s when you can use Slovin’s formula to figure out what sample size you need to take, which is written as n = N / (1 + Ne2) where n = Number of samples, N = Total population and e = Error tolerance
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A Beta distribution is a family of probability distributions that stretch from 0 to 1 on the number line. The letters α and β define the shape of the curve. The Beta distribution is an excellent way to represent outcomes like probabilities or proportions.
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