I'm sampling from a finite population. I've heard that in such cases the usual variance estimate can be too large. Is there some sort of correction factor?
If the sample size n is over 5% of the population size N, you will benefit by using the finite population correction factor. For the variance adjustment, multiply the original variance value by (N-n)/N.
For additional information, see Sampling Techniques by W.G Cochran.
If you have further questions, send E-mail to stats@ssc.utexas.edu.