Calculating Sample Size and Precision
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Using the following information:
Work Element
Standard Deviation (minutes)
Mean Observed Time (minutes)
1 0.60 2.40
2 0.20 1.50
3 1.10 3.85
4 0.85 2.55
5 0.40 1.60
6 0.50 2.50
Calculate the sample size needed if the standard time estimate is to be within 5 percent of the true mean 99 percent of the time.
(Round up your answer to the nearest whole number, the tolerance is +/-1.)
Calculate the percentage increase in sample size for 1 percent higher precision:
(Round your answer to 1 decimal place, the tolerance is +/-0.5.)
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The expert calculates sample size and precision. Step by step presentation of the solution is provided. All formula have been included where necessary.
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Dear Student,
Calculate the sample size needed if the standard time estimate is to be within 5 percent of the true mean 99 percent of the time.
(Round up your answer to the nearest ...
Purchase this Solution
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