Sampling Distr. Sample Problem

Sampling Distr. Sample Problem - before quoting a price. a....

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George Mason University School of Management OM 210: STATISTICAL ANALYSIS FOR MANAGEMENT Professor Harvey Singer Sampling Distribution of the Sample Mean Sample Problem Directions: Report all probabilities as decimals to 4 decimal places. Round z to two decimal places to use the standard normal table. A large supermarket chain employs over 9,000 people. It has been stated by the company that the mean age of all of its employees (the population) is 43.7 years with a standard deviation of 8.3 years. The company is thinking of introducing a healthcare package, and its insurance carrier wants to sample 48 employees
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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.

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