When Determining Sample Size,the Conventional Approach Would NOT Be

question 88

Multiple Choice

When determining sample size,the conventional approach would NOT be:

• A)an average of the sample sizes of similar studies.
• B)the modal sample size of previous surveys.
• C)5 percent of the entire population.
• D)the sample size of a competitor's survey that the company somehow discovered.
• E)the sample sizes normally reported in published reports.

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Definitions:

Cycle Counting

An approach to stock audit where a limited selection of the inventory at a defined site is enumerated on a chosen date.

Service Level

A measure of the performance of a service system, often defined in terms of responsiveness to customer needs and reliability.

Ordering Costs

The expenses associated with the process of requisitioning, purchasing, and receiving goods and services; includes costs of paperwork, communication, and inspections.

Maintaining Inventory

Activities and strategies involved in keeping an appropriate level of stock to meet demand without incurring excessive holding costs or stockouts.