Originally posted by Jamar Howard 4 President
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PwC and E&Y both consider a sample of 25 items as sufficient to predict the behavior of a population under study. 'Your mileage may vary'.
It will depend on the variability of the population (i.e. deviation from mean). A larger variance would indicate that the sample mean may vary more from the population, but the gist of this is that assuming a normal population distribution, a sample size of more than 10 will be fairly accurate (incorrect less than 10 percent of the time). Doubling sample sizes from that point does increase precision (as noted in the article), but the precision from the larger sample sizes diminishes as the size goes up.
Many large polling organizations poll only a few people (not thousands, more like hundreds or even 10's) in order to obtain an accurate result.
FYI, sample design is also important. One of the reasons Gallup got their numbers so wrong on the last election is because they were polling people who had land line phones. Most of the people who have land lines these days are older. As a result, this introduced sample bias.
So design of the sample and variance from the mean in the population are probably the two most important factors in determing how accurate the sample will be.
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