Cluster sampling is a method of selecting a sample by dividing the population into clusters (groups) and then taking a random sample from each cluster. This technique is commonly used in auditing.
Monte Carlo Simulation is a computational algorithm that relies on repeated random sampling to obtain numerical results. It's particularly useful for assessing the probability distributions of complex systems.
Sampling is a process in which a small group of items, known as a sample, is selected from a larger group (population) to represent the characteristics of the larger group. It is widely used in auditing, market research, and quality control.
