The Sample Size Needed to Estimate a Population Mean to Within

question 80

Multiple Choice

The sample size needed to estimate a population mean to within 50 units was found to be 97.If the population standard deviation was 250,then the confidence level used was

• A)90%
• B)95%
• C)99%
• D)None of these choices.

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Definitions:

Safety Stock

A quantity of inventory kept on hand as a precaution against fluctuations in demand or supply, ensuring the mitigation of stockout risks.

Pull Method

A manufacturing and inventory strategy where production is based on customer demand rather than forecasting.

Work-In-Process Inventory

Goods that are in various stages of the production process but are not yet completed.

Non-Value-Added Cost

Expenses that do not contribute to the value or functionality of a product or service, often targeted for reduction or elimination.