Your Ask Joey ™ Answer

What’s the main difference between population size and population variability?

Population size refers to volume while population variability refers to composition. For example, if we think about the population of citizens that live in New York City, population size would simply refer to the number of citizens that live in NY. 

However, if we think about population variability in NYC, we would look at the different characteristics of the citizens in NYC to see just how different everyone is. We might look at race/ethnicity, we might look at job sector, we might look at house household income. 

The idea is that if population variability is high, that means that the population is quite different. So for sampling purposes, it’s harder to sample a population with high population variability because the sample we test may not be representative of the overall population. 

Back To All Questions

You might also be interested in...

  • Three Reasons to Become an Accountant

    If you’re someone who is intrigued by numbers, enjoys problem-solving and wants to help others, then accounting might be the perfect career for you. While some people may be put off by its unalluring reputation, accounting is an excellent career choice that has many benefits. In this article, we look at three of the reasons...

  • Qualified Retirement Planning: Tax Advantages & Disadvantages

    Home Advantages and Disadvantages of Tax-Free and Deferred-Tax Retirement Plans What are “qualified retirement plans” and how can they be effective for tax planning? Well, there are plenty of tax savings advantages to individuals contributing to tax-free retirement accounts, as well as tax-deferred retirement accounts. However, this doesn’t necessarily mean that there are no disadvantages...

  • CPA Evolution Survival Guide

    Download Your eBook by selecting the download icon in the top right-hand corner