A Work Sampling Study Is Needed That Will Estimate the Percentage

question 7

Essay

A work sampling study is needed that will estimate the percentage of time a postal clerk spends selling stamps as opposed to other duties.Determine the necessary sample size to estimate that proportion with a confidence of 99.74 percent to within 3 percent,for these cases:
(i)No information is currently available concerning that proportion.
(ii)The proportion is probably no more than 15 percent.

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Definitions:

Wharfage

A fee charged for the use of a wharf for loading or unloading cargo, or for the temporary storage of goods on the wharf area.

Sell-Off

Transaction in which assets are sold by one firm to another.

Commercial Paper

An unsecured, short-term debt instrument issued by corporations, typically used for the financing of accounts receivable, inventories, and meeting short-term liabilities.

Discount Size

Pertains to the magnitude or amount of reduction in price offered on goods or services, often used as a sales promotion technique to increase consumer demand or clear inventory.