Correction For Finite Population
The formula given above for the standard error assumes that the sample size is much smaller than the population size, so that the population can be considered to be effectively infinite in size. When the sampling fraction is large (approximately at 5% or more), the estimate of the error must be corrected by multiplying by a "finite population correction"
to account for the added precision gained by sampling close to a larger percentage of the population. The effect of the FPC is that the error becomes zero when the sample size n is equal to the population size N.
Read more about this topic: Standard Error
Famous quotes containing the words correction, finite and/or population:
“Shakespeare, with an improved education and in a more enlightened age, might easily have attained the purity and correction of Racine; but nothing leads one to suppose that Racine in a barbarous age would have attained the grandeur, force and nature of Shakespeare.”
—Horace Walpole (17171797)
“God is a being of transcendent and unlimited perfections: his nature therefore is incomprehensible to finite spirits.”
—George Berkeley (16851753)
“It was a time of madness, the sort of mad-hysteria that always presages war. There seems to be nothing left but warwhen any population in any sort of a nation gets violently angry, civilization falls down and religion forsakes its hold on the consciences of human kind in such times of public madness.”
—Rebecca Latimer Felton (18351930)