# Calculating Sample Size and Precision

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.)

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

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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 ...

#### 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.