Question

Explain in detail how to decide the number of replications in a simulation study. Use fixed-sample-size and sequential procedures as examples. Describe the pros and cons of these two procedures

Answer 1

Explanation:

Fixed sample size:

In this fixed sample size the data is studied and checked in order to find a relationship. The benefits it is easy to produce, and with it less reliable outcomes can be given.

Sequential procedures:

→Sequential procedures helps while we are collecting the data.

→At an interim analysis, data collection can be stopped whenever the results are convincing enough to conclude an effect is present.

→Or otherwise the more data can be collected, or if needed the study can be terminated whenever it is extremely unlikely the predicted effect will be observed if data collection would be continued.

→In this two or more blocks of different sizes are prepared for testing.

→Pros being it provides better results and is less time taking, as we can stop once the relation is seen, con being it is difficult to perform.