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    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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    https://brainmass.com/business/business-management/calculating-sample-size-precision-497145

    Solution Preview

    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 ...

    Solution Summary

    The expert calculates sample size and precision. Step by step presentation of the solution is provided. All formula have been included where necessary.

    $2.19

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