I'd recommend devoting a few sessions to experimenting, ideally with a friend who can help you set up some blind tests.
No scope, no theory can beat your own ears.
The best way to do this is to record a collection of masters, all of the same sound. One common way to do this is to record a passage from a recording as it plays through your stereo system; a passage of classical music including a variety of instrument sounds and moving from soft to loud is the best (Stravinsky's "Rite of Spring" offers plenty of passages suitable for this purpose.) The concern here isn't to produce a great recording, but to compare recordings to originals and to hear the changes that different techniques impart. Listen to whether you can hear any difference among the sample rates and bit rates.
Then, make a set of sound files performing various sample- and bit-rate conversions.
Finally, wait a week or two then have a friend play you the files without telling you what you're hearing. Trust whatever your ears tell you. There are two quite different tests to do: (1) the fidelity test -- which version sounds the most like the recording playing through your sound system, and (2) the ear training test -- without regard to fidelity to the original, how to the various recordings sound? It's best to separate these tests by a week or two to give your ears time to forget.
For years, engineering types succeeded in convincing a lot of people that digitally-recorded CD's sounded better than analog recordings on vinyl. Musicians used to trusting our ears knew immediately this was crap, but apparently more people believe what they read over what they hear.