An Increase in the Desired Confidence Level Has What Effect

question 138

Multiple Choice

An increase in the desired confidence level has what effect on the number of observations necessary in a time study?

• A)Increases
• B)Decreases
• C)Unaffected
• D)May increase or decrease,depending on the sample standard deviation
• E)Impossible to say without additional information

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Definitions:

Inferential Statistics

The branch of statistics that focuses on drawing conclusions about a population based on a sample taken from it, usually through hypothesis testing or estimation.

Example

An instance or case that is representative of a concept or demonstrates a particular situation or principle.

Net Present Value

A financial metric used to evaluate the profitability of an investment, calculated by subtracting the present value of cash outflows from the present value of cash inflows over a period.

Annual Revenue

The total amount of money earned from the sale of goods or services in a fiscal year before any expenses are subtracted.