Compare Probability Designs with Nonprobability Designs

question 1

Essay

Compare probability designs with nonprobability designs. Identify the kinds of sampling designs available within each of these major categories. Explain a situation in which it would be more appropriate to use probability sampling and one in which nonprobability sampling would be preferred.​

---

Definitions:

Marketable Securities

Financial instruments and assets that can be easily converted into cash, typically with a maturity of less than one year.

Warranty Expense

Costs that a company expects to incur under its product warranty promises, recognized as a liability at the time of sale.

Warranty Repairs

Services provided to fix or replace defective goods within a specified period as promised by a warranty agreement.

Income Statement

A document detailing a business's income, expenditures, and net earnings or losses for a distinct timeframe.