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The finite population correction factor is not used when you sample without replacement from less than 5% of a finite population.
When you sample without replacement from more than 5% of a finite population, the Finite Population Correction Factor (FPC) is applied.
The Central Limit Theorem does not apply in this situation, and the estimated standard error (such as the mean or proportion) will be excessive. Basic differences between sampling with replacement and sample without replacement are captured by the FPC.
It is employed to modify a variance estimate for an estimated mean or total in order to limit the scope of the variance to that fraction of the population that is not included in the sample.
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