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Unformatted text preview: before quoting a price. a. Describe the sampling distribution of the sample mean in terms of (1) the numerical value of its mean, (2) the numerical value of its standard error of the mean, and (3) its shape (and you must explain why). b. Suppose a single random sample of n = 48 employees was selected. What is the chance that the mean of this sample will be within 2.5 years of the population mean? c. What can the insurance carrier do to reduce the standard error? Focus your answer on issues related only to sampling concepts. 2008 Harvey A. Singer 1...
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This note was uploaded on 01/26/2011 for the course OM 210 taught by Professor Singer during the Fall '08 term at George Mason.
- Fall '08