Generate a sample from a random number table
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The management of AAAA Company has observed that the company's cash outflows have been increasing much more rapidly than its inflows. Management cannot understand the change; from its perspective, it has been "business as usual." Management has asked you, a fraud expert, to help them understand what is going on. You have decided that the best place to start your investigation is to take a sample of canceled checks and verify that both the controller and another manager signed them - a procedure required by company policy.
Check numbers for the period range from 100 to 800.
Using Table 8.1, follow the instructions below to select a random sample of 15 checks to examine.
Start from the bottom left of the table.
Move through the table from left to right and from bottom to top.
Skip the numbers outside the relevant range.
Use the middle three digits of each number.
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Solution Summary
The 309 word solution explains in detail how to use a random number table to generate a sample that will truly be random (without using Excel).
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A random number table is used to select a sample which should be unbiased in the selection process. The use of a random number table also requires a selection methodology which will not inject bias into how the table is used, meaning there should be a mathematical system used to pick numbers from the table.
We are told the method and the upper and lower limits. What the problem does not say is that duplicate numbers should ...
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