In Determining the Sample Size Needed to Estimate the Population $\hat { P }$

question 97

True/False

In determining the sample size needed to estimate the population proportion p,we let the sample proportion $\hat { P }$ = 1 if we have no knowledge of even the approximate values of $\hat { P }$ .

---

Definitions:

Pounds of Material

A measure of the quantity of material, often used in manufacturing, expressed in pounds.

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours expected to produce a certain amount of goods, multiplied by the standard labor rate.

Direct Labor

Direct labor refers to the wages and salaries paid to employees directly involved in the production of goods or services.

Standard Labor Cost

The predetermined cost of labor that is expected for manufacturing a product or performing a service, used for budgeting and performance evaluation purposes.