Finite population correction factor
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making inferences
Answering probability questions about the population.
Most of the time we don't have the data for the entire population
So that's why we use the sampling distribution of the sample mean to make inferences about the population.
In case two earlier conditions have been met
We add FPC to our standard error formula.
When calculating variance
We remove square root from the FPC
Finite population correction factor(FPC)
We use it when we are sampling without replacement and when we are sampling for more than 5 % of the finite population
If the original population is normally distributed, then the sampling distribution of the sample mean
Will also be normally distributed, regardless of sample size
Finite population
a population of limited size