MGMT305-Lec5

Supposethatdiscountsoundsmanagementteam

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Unformatted text preview: on table we see that t.025 = 2.131. D e gre e s Are a in Uppe r Tail of Fre e dom .20 .100 .050 .025 .010 .005 15 .866 1.341 1.753 2.131 2.602 2.947 16 .865 1.337 1.746 2.120 2.583 2.921 17 .863 1.333 1.740 2.110 2.567 2.898 18 .862 1.330 1.734 2.101 2.520 2.878 19 .861 1.328 1.729 2.093 2.539 2.861 . . . . . . . Slide 20 Summary of Confidence Interval Estimation Procedures for a Population Mean Slide 21 Sample Size for an Interval Estimate of a Population Mean Let E = the desired margin of error. Let E = the desired margin of error. s Margin of Error E = zα / 2 s σ n Necessary Sample Size ( zα / 2 ) 2 σ 2 n= E2 Slide 22 Sample Size for an Interval Estimate of a Population Mean D S Recall that Discount Sounds is evaluating a potential Recall that Discount Sounds is evaluating a potential location for a new retail outlet, based in part, on the mean annual income of the individuals in the marketing area of the new location. Suppose that Discount Sounds’ management team wants an estimate of the population mean such that there is a .95 confidence that the sampling error is \$500 or less. Q. How large a sample size is needed to meet the required precision? Slide 23 Interval Estimation of a Population Proportion The general form of an interval estimate of a The general form of an interval estimate of a p...
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