Final answer:
The advantage of statistical sampling over nonstatistical sampling is that it provides a quantitative measure of sampling risk, allowing for confidence intervals and a better understanding of the likelihood of errors in predictions about the population. The correct option is D. Provides a quantitative measure of sampling risk.
Step-by-step explanation:
When preparing a sampling plan for an inventory pricing test, the advantage of statistical sampling over nonstatistical sampling is that it provides a quantitative measure of sampling risk. In statistical sampling, each member of the population has an equal chance of being selected, which is essential for the sample to be representative of the population. This approach allows researchers to use probability theory to make inferences about the population, which is not the case with nonstatistical or convenience sampling methods. Convenience sampling, a nonrandom method, selects individuals that are easy to reach but may lead to biased data. The potential for bias exists because those individuals may not be representative of the entire population.
Statistical sampling methods, including simple random sampling, stratified sampling, and cluster sampling, use randomization to ensure that each unit measures statistically independent values. This rigorous approach contrasts with convenience or nontraditional sampling methods, such as selecting survey respondents from one's classmates or coworkers, where the results cannot be generalized beyond the sample from which they are drawn.
Therefore, the answer to the question is D. It provides a quantitative measure of sampling risk. This quantitative understanding of risk allows auditors and researchers to determine the likelihood of errors in their sampling and develop confidence intervals for their predictions about the population, which is a significant strength compared to nonstatistical sampling techniques that cannot quantify their risks with such precision.